New York-based startup Ramp to introduce AI tools for tracking business costs

Ramp, a developer of financial management software, said it plans to offer new artificial intelligence tools from Thursday, including a feature that can determine if a company is overpaying on its software contracts.

The New York-based startup, which offers a corporate card platform used by over 15,000 businesses, has raised $1.4 billion from a slew of investors since it was founded in 2019. These include Microsoft Corp CEO Satya Nadella, Goldman Sachs, Redpoint Ventures and Thrive Capital.

With the introduction of new AI features, corporate finance teams will have improved oversight, Ramp CEO Eric Glyman told Reuters.