New York-based FinTech enters a market currently held by domestic players like Float and Venn.\u00a0<\/p>\n
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New York City-based FinTech giant Ramp<\/a> has opened its corporate expense management platform to Canadian businesses as it plans to add a new Toronto office.\u00a0\u00a0<\/p>\n The news: After only serving a small number of businesses operating in Canada for the past couple of years, Ramp announced its expanded entry into the Canadian market on Tuesday. Its finance platform is now available broadly to Canadian-headquartered businesses outside of Saskatchewan and Qu\u00e9bec.\u00a0<\/p>\n Ramp bills itself as an all-in-one finance platform that uses AI automation to help companies with corporate cards in multiple currencies, expense management, reimbursements, bill pay, accounting sync, and more.<\/p>\n From the source: \u201cOver the past year we\u2019ve been hard at work at building Ramp for Canada,\u201d Ramp VP of international expansion Jacob Wallenberg said in a LinkedIn post<\/a>. \u201dWe\u2019ve customized the product to extract the local tax fields, and built financial products that help businesses who operate both in CAD and USD.\u201d\u00a0<\/p>\n Wallenberg added that Ramp has also built out a local team, with the company\u2019s new downtown Toronto office opening in the next few weeks.<\/p>\n Following the thread: Ramp\u2019s entrance was foreshadowed earlier this year<\/a> when it began posting Canadian job listings on LinkedIn.\u00a0<\/p>\n As it fully enters Canada, Ramp becomes one of the largest FinTech companies operating in the country, with over 70,000 customers, including Visa, Uber, and Shopify. The company\u2019s annualized revenue reportedly<\/a> exceeds $1 billion and, just last month, it raised a $750 million USD ($1.1-billion CAD) round at a $44 billion valuation.\u00a0<\/p>\n Final thought: Until now, the Canadian corporate expense management market has been held by domestic players like Float and Venn<\/a>, who also position themselves as built for the unique needs of Canadian businesses. Float recently eclipsed<\/a> 7,500 Canadian business customers, and Venn says<\/a> it supports more than 15,000, all of which Ramp will now be competing for.\u00a0<\/p>\n