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CNBC Disruptor 50: Ramp CEO talks using AI for managing corporate spending
CNBC Televisionยท 2025-06-11 22:15
Company Overview - RAMP is a financial operations platform that automates the spending process for businesses [1] - The platform offers services such as issuing cards, making payments, automating expense reports, and automating accounting [3] - RAMP supports approximately 40,000 businesses, ranging from early-stage companies to Fortune 500s [4] AI Integration - AI is deeply integrated into the platform to automate tasks like expense reports and accounting [4] - AI helps to automate simple, low-value tasks such as expense reports, bill payment runs, month-end close, and procurement cycles [7][8] - AI can write memos and text users for receipts, reducing the time spent on expense reports to less than 15 seconds [7] Financial Performance & Growth - RAMP is in the upper nine figures of revenue and is growing even faster this year [5] - RAMP has saved customers over $2 billion since launching 5 years ago [12] - RAMP has saved customers over 20 million hours of labor by automating expense reports [13] Market Position & Competitive Advantage - RAMP serves about 1.5% of the corporate and small business card market, indicating a large potential market [10] - RAMP differentiates itself by measuring the actual money and time saved for its customers [12] - RAMP emphasizes speed and innovation, launching three major new product lines and 207 features last year [14]