Tech news: Ramp launches AI-based Ramp Intelligence suite

Published May 19, 2023 10:42 AM

Updated May 19, 2023 4:46 PM

1 Min Read

Ramp launches AI-based Ramp Intelligence suite; Batten provides cybersecurity insurance for individuals; Expensify to oversee revival of Portland food cart pod; and other accounting tech news.

Ramp launches AI-based Ramp Intelligence suite

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Ramp, a finance automation platform, launched a suite of AI-powered solutions called Ramp Intelligence. The suite embeds GPT-4 — the latest version of the ChatGPT software — throughout the platform. It can benchmark SaaS contract quotes against millions of aggregated purchasing data points and help users negotiate better deals; as well as extract data from software contracts, give customers a summary, and tell them if they're getting a good deal. Users can access AI-generated fields and categories based on how tens of thousands of accountants have classified similar expenses previously; and get answers to questions such as: "How can I reduce costs?" to "Show me all gas purchases above $100." Ramp Intelligence was developed with the support and counsel of several AI experts, such as Microsoft's Satya Nadella, OpenAI board member Adam D'Angelo and Stanford's Chris Re.

Batten provides cybersecurity insurance for individuals

Security company Batten has partnered with insurance company Blink (a subsidiary of Chubb) to offer personal cyber insurance on its platform. Blink Cyber is a standalone insurance policy for customers facing the risk of cyberattack. The policy responds to expenses related to a personal cyber event, including phishing scams, ransomware extortion, cyber financial fraud as well as a concierge identity theft recovery service.

Expensify to oversee revival of Portland food cart pod

Expensify, which provides money management solutions for individuals and businesses, is going local by pledging to revitalize the food carts located on a stretch of SW 5th Avenue in Portland Oregon. Working with ChefStable, an owner and partner with many Portland restaurants, Expensify intends to obtain permits, architect plans, and secure a general contractor to revitalize the area which, according to the CEO, has suffered since the pandemic. The company intends to add electrical, water, natural gas and direct-to-sewer connections for each cart; seating for over 300 people; tents with heaters; onsite security guard and security patrol during hours the pod is closed; new asphalt; a large bar cart in the center of the pod; and an events and music stage.

Partnerships and integrations

Remote work solutions provider Work From Anywhere announced a formal partnership with global HR consultancy firm Mercer. The partnership aims to provide clients with the ability to manage their compliance and navigate work models and their risks at the touch of a button. … Crypto tax and accounting solutions provider Ledgible announced a partnership with digital asset security firm Ledger Enterprise. Users of each platform can now fully leverage the other for their business needs. ... Business software solutions provider Net at Work, announced a new partnership with workforce platform Rippling, becoming the first member of Rippling's reseller program.

Awards and honors

Stampli, an AI-powered accounts payable automation solutions provider, has been recognized as a Leader in G2's Spring 2023 Grid for AP Automation. The recognition is based on customer reviews and ratings, which have also positioned Stampli as the No. 1 provider across all four AP Automation Indexes: implementation, relationship, usability and results. In addition to being recognized as a Leader in AP Automation for Spring 2023, Stampli has also been named a Leader in G2's Billing, Invoice Management and Enterprise Payment categories. … Intuit, the company behind QuickBooks and TurboTax, awarded three small businesses a $20,000 grant in honor of its second annual Small Business Hero Day, a moment designed to spotlight the heroic impact small businesses have in communities. Winners are: Family Faith Transportation (La Place, Louisiana);

MASS Collective

(Atlanta, Georgia); and

No Fear Cafe

(Detroit, Michigan). … B2B payments solution provider PayStand said CEO Jeremy Almond was named an Ernst & Young LLP (EY US) Entrepreneur Of The Year 2023 Bay Area Award finalist. Finalists were selected based on the evaluation of an independent panel of judges for their demonstration of building long-term value through entrepreneurial spirit, purpose, growth and impact, among other contributions and attributes.

Other news

Payments platform Tipalti secured more than $150 million in funding from JPMorgan Chase Bank and Hercules Capital (NYSE: HTGC). Coming on the heels of a $270 million Series F in 2021 that brought the company's total funding to over $550 million, this latest raise will enable Tipalti to further invest in product innovation and supporting its customers. … Education financing and business process support provider Navient announced that David L. Yowan, a member of the Navient board of directors and formerly corporate treasurer for American Express, has been appointed president and CEO of the company. He succeeds Jack Remondi in this role, effective May 15. Remondi, whose director term expires as of the 2023 Annual Meeting of Shareholders on May 25, will not be renominated to the board at the Annual Meeting.