Ramp Connects Financial Automation Platform to Ascenda’s Global Rewards Ecosystem

Ramp and Ascenda have partnered to provide Ramp’s customers with more ways to redeem points earned on U.S. spend.

With this collaboration, Ramp’s financial automation platform and corporate card will connect to Ascenda’s global rewards ecosystem, the companies said in a Tuesday (May 28) press release.

“Customers want more ways to redeem points on every dollar spent, with rewards that are relevant to their bottom line and their employees,” Colin Kennedy, chief business officer at Ramp, said in the release. “By partnering with Ascenda, we’re able to provide flexibility with control — which is embedded in everything we do — to allow businesses to redeem in ways that work for them without any wasteful spend.”

This partnership will create a more flexible offering from Ramp’s existing cash-back program, according to the release.

With the connection to Ascenda’s global rewards network, Ramp’s customers can transfer rewards to a broad selection of frequent traveler programs, the release said.

Ascenda’s premium rewards propositions are designed to help financial brands enhance their customer acquisition, usage and retention, per the release.

“By offering Ramp more ways to unlock value through their rewards program, they’re differentiating themselves from competitors with a premium proposition, enabling them to acquire more customers as well as drive higher usage and retention from existing customers,” Madeline O’Connor, senior vice president strategic clients at Ascenda, said in the release.

Ramp said in April that it was valued at $7.6 billion as it wound down a $150 million Series D-2 funding round.

The company began with a corporate card designed to help companies reduce spending and has since expanded into a spend management platform that lets users issue cards, manage approvals, track and analyze spending, procure software and services, make payments and automate closing the books.

With the new funding, Ramp aims to use artificial intelligence (AI) to enhance automation, insights and decision-making capabilities.

In another move earlier this year, Ramp said in January that it acquired procurement startup Venue to expand its procurement capabilities and help clients tackle inefficiencies across the entire financial tech stack.

Following this acquisition by Ramp, the Venue team will spearhead projects such as customized intake forms, flexible approvals, purchase order management and AI-powered vendor management.

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