The new cards feature spending controls that can be customized by employee or department, instant issuance of virtual and physical cards, fraud detection tools and the ability to assign dedicated virtual cards for vendor subscriptions, the company said in a Monday (June 30) press release.
“As global teams and remote workforces expand, Ramp’s expense management solution ensures seamless financial oversight across geographies and departments,” the release said. “Audit trails are automatically maintained, providing businesses with ready access to clean, transparent transaction histories for compliance.”
Ramp, which offers a financial operations platform, said in June that it was valued at $16 billion in a Series E funding round, about three months after it was valued at $13 billion in a secondary share sale.
The company facilitates over $80 billion in annualized purchase volume across card transactions and bill payments; serves more than 40,000 companies; and continues to expand the capabilities of its artificial intelligence (AI)-powered platform.
“We’re building the financial operations platform for your business,” Ramp Co-founder and CEO Eric Glyman said at the time in a press release. “Corporate cards, spend management, bill pay, procurement, travel, treasury, accounting automations.”
Ramp said in May that it will expand its issuing partnership with Stripe to launch stablecoin-backed corporate cards designed to facilitate cross-border transactions.
The combination of stablecoin-backed cards and Ramp’s corporate card and financial operations platform will enable issuance of new card programs in multiple countries at once, the company said.
Ramp added a treasury solution to its platform in January, saying the new Ramp Treasury enables businesses to earn more on their operating cash; get around three extra days of working capital and incremental earning by paying bills on the day they’re due; and receive AI-powered automated balance alerts and liquidity forecasting.
“The old treasury playbook meant either constant micromanaging of cash positions and payment dates … or just accepting you’ll lose out on interest,” Glyman said in a January press release. “The new playbook is refreshingly simple; let technology do the heavy lifting, so you don’t have to.”
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