We believe there are better options available in this category, read below to learn what this software does well, and what they could do better. ⤵
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The spend management platform for mid-size teams (customizable virtual cards, budgeting, auto-reconciling, and expense reimbursement).
Ramp is one of the clear leaders in the spend/expense management, budgeting space, and accounting automation space (Oh and it's totally free 👀)
They have a great UI/UX, tons of reporting/insights features, and a super clean and fast search functionality to find exactly what you're looking for:
You need to have $25K sitting in your business bank account at the time of applying in order to be approved. That said, your credit limit is going to be relative to how much is in your bank account, so we still recommend that businesses who are going to have $50–100K sitting in their business bank accounts at all times consider this based on the credit limit you'd get otherwise.
Ramp has the same virtual card functionality (and physical cards for employees). You'll want to spin up a virtual card for each company you use with Ramp, and you can even restrict (lock) these cards to a specific merchant.
The rewards are pretty standard with others in the space, getting around up-to 1.5% on most categories, with a bit more in certain categories (higher % when making payments weekly—less if made bi-weekly or monthly).
Ramp is more so for larger teams, think a distributed remote team with employees all over the world. But with more employees, comes more need for insights and data on spending. Ramp allows you to see your company's spend all in one place. Further, they have AI insights which will alert you of cost saving opportunities like duplicate subscriptions, sudden increases in spend, and possible lower pricing plans available. We think this is super cool, and is a big reason why we'd recommend Ramp for teams with 30-40+ employees.
One bit that I noticed when using Ramp is that they are a bit more focused on SMS interactions instead of having a fully-featured mobile app (unlike that of Divvy for example). Ramp only has an iOS app and it's mainly just for taking photos of receipts and matching transactions.
This might be a positive for those who have employees that aren't as tech-savvy, and you just need them to text a receipt in for it to tie to the expense management side of things (something that Divvy doesn't allow for).
All-in-all, they are focused a bit more broadly than that of BILL Spend & Expense (Divvy), moving more into the accounting automation side of things and integrating with a few more accounting tools natively. They really have an impressive suite of tools.
If you're a larger team, apply for Ramp using this link. Just remember, you need to have $25K in your bank account to get approved.
The financial platform for your global ambition. Global spend & expense management solution.
Airwallex is the best global payments platform.
We work with contractors around the world, and whenever they have an Airwallex USD bank account for us to pay, it not only makes them far more professional, but it also makes our job way easier.
If you have a business that needs to make payments globally to individuals and businesses, Airwallex has you covered.
Airwallex allows you to spin up virtual cards in your business and spend in multi-currency, so you can have one on file for each expense. Like many of the best expense management solutions on the market, they do an incredible job at that, and work globally, unlike others mentioned on the list. So especially if you're based outside of the US, and have multi-currency needs, Airwallex is going to be your best bet.
Unlike other expense management solutions on the market focused primarily USD needs, Airwallex handles company spend across multi-currency needs.
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