Ramp's finance platform now serves Canadian-headquartered businesses outside Saskatchewan and Quebec. The $44B fintech faces local rivals Float and Venn.
Ramp made its corporate expense management platform available to Canadian businesses broadly on Tuesday, ending a limited rollout that had restricted access to a small number of cross-border companies for the past two years.
The New York City-based fintech said its platform now serves Canadian-headquartered businesses in every province except Saskatchewan and Quebec. Ramp bills the product as an all-in-one finance system that uses AI automation for corporate cards in multiple currencies, expense tracking, reimbursements, bill pay, and accounting sync.
The company has more than 70,000 customers, including Visa, Uber, and Shopify. Its annualized revenue exceeds $1 billion. Last month, Ramp raised $750 million USD at a $44 billion valuation.
“Over the past year we’ve been hard at work at building Ramp for Canada,” Jacob Wallenberg, Ramp’s VP of international expansion, said in a LinkedIn post. “We’ve customized the product to extract the local tax fields, and built financial products that help businesses who operate both in CAD and USD.”
Wallenberg said Ramp has hired a local team and will open a downtown Toronto office in the coming weeks. The expansion was signaled earlier this year when the company posted Canadian job listings on LinkedIn.
Ramp enters a market where domestic players Float and Venn have held the corporate expense management segment. Float recently crossed 7,500 Canadian business customers, and Venn says it supports more than 15,000. Both have marketed themselves as purpose-built for Canadian tax and currency needs.
Ramp’s scale – 70,000 customers and a $44 billion valuation – dwarfs those local figures. The competition now pits a global fintech against homegrown firms that have spent years tailoring their products to Canada’s two-currency, multi-province tax environment.
The Toronto office will house the team Wallenberg described. Ramp did not disclose hiring targets or a specific employee count for the location.
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