Finance automation platform Ramp has announced the acquisition of Sequoia-backed procurement startup Venue, marking a significant expansion beyond corporate cards. Founded in 2022, Venue focused on simplifying business procurement processes, securing $1.2 million in financing within a year. Under Ramp, the Venue team will lead efforts to automate and streamline procurement workflows, enhancing control over spend with features such as customized intake forms, flexible approvals, purchase order management, and AI-powered vendor management. The acquisition aligns with Ramp's goal of addressing inefficiencies across the entire financial tech stack and signifies a strategic move into broader financial automation.
In conjunction with the acquisition, Ramp has unveiled major improvements to its procurement product, offering enhanced control and insight into employee spend. Features include bi-directional integration with providers, dynamic intake forms, purchase order enhancements, collaboration tools, an activity feed for auditing procurement processes, and seat intelligence to track software usage against seats purchased. These improvements, available on Ramp Plus, aim to save time and money for businesses by providing an efficient and organized procurement process, showcasing Ramp's commitment to simplifying finance operations for modern businesses.
