The expansion is Ramp’s first major move beyond North America following its announcement in July that it had expanded into Canada, the company said in a Tuesday (Sept. 15) news release.
“The UK is home to some of the fastest-growing companies in Europe, and we built our product to match that,” Jacob Wallenberg, vice president for international expansion at Ramp, said in the announcement. “We have a team based right here in London and we can’t wait to get to work.”
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The release added that Ramp arrives in the U.K. “with regulated payments capability,” as its acquisition earlier this year of the payments platform Bellhop gives it payments authorization in both the U.K. and the European Union.
The company says its expansion to the U.K. comes amid a shift in “what finance teams are being asked to control,” as artificial intelligence spending has increased around 21-fold for its customers since last June. The heaviest AI spenders are seeing their costs increase by at least 50% each quarter.
“The issue is not that companies are spending too much on AI. It’s that they’re spending blindly,” Wallenberg said. “Ramp’s token spend intelligence tools break costs down by model and team, separate cost of goods sold from operating expenditure, and flag anomalies and savings opportunities automatically.”
PYMNTS wrote last week about Ramp’s increasing embrace of larger customers, a shift that “coincides with mounting complexity inside corporate finance departments.”
A PYMNTS Intelligence report, “Growth and Scaling: The Corporate Finance Inflection Point,” found that 58% of U.S. companies generating between $100 million and $1 billion in annual revenue increased revenue in the prior 24 months. At the same time, 45% made at least three major business changes, while 62% rolled out products or services.
“Finance systems haven’t always kept pace. The report revealed that 62% of executives said cash flow forecasting was difficult to manage or scale, 42% cited reconciliation and 40% identified data integration,” PYMNTS added.
“Just 12% said their finance and back-office systems were fully prepared for the next two years. That creates openings for providers across several parts of corporate finance, but the paths aren’t interchangeable.”
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