In this article
You might like
No items found.
Spending made smarter
Easy-to-use cards, spend limits, approval flows, vendor payments —plus an average savings of 5%.1
4.8 Rating 4.8 rating
Error Message
No personal credit checks or founder guarantee.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Get fresh finance insights, monthly
Time and money-saving tips,
straight to your inbox
4.8 Rating 4.8 rating
Thanks for signing up
Oops! Something went wrong while submitting the form.
Table of contents

2023 has had a dramatic start: ChatGPT giving rise to a new AI era, the banking crisis, a drastic move in both equities and interest rates, to name just a few seismic events.

At Ramp, we help companies manage more than $1 billion per month in spend, from consumer brands like Barry’s Bootcamp and Caraway to tech companies like TaskRabbit and Quora. We just released our Q1 Spending Benchmark report that analyzes how businesses have reacted to these game-changing developments. 

Testing the AI waters

The number of businesses spending with AI vendors rose sharply in January with the launch of ChatGPT. But the amount spent on AI vendors overall grew more slowly, suggesting businesses are still evaluating the technology and its applications. 

This is not surprising. At Ramp, we see too many half-baked chatbots masquerading as useful AI. We believe businesses are better served by AI that can embed into their operations as “co-pilots” to help them work faster and smarter. 

Get the full report to see the list of top AI vendors on Ramp. 

Decreasing deposit exposure

Like many others, Ramp customers reacted to the banking crisis by moving funds to new banks. Chase, Bank of America, and Morgan Stanley saw the biggest gains between March 9-31, with assets increasing as much as 3x. Businesses diversified their bank holdings: the average number of bank accounts connected to Ramp jumped from February to March. In late March, bank flows normalized but since then ongoing volatility has led to new spikes.

Download the full report to see how Ramp bank flow fluctuated in March. 

Returning to a focus on top-line growth

Our “same store sales” data show increased spending over the past six consecutive months in categories heavily correlated with growth: office, professional services, and SaaS/software. Electronics spending also finally increased in March after five straight months of decline, suggesting that businesses are starting to staff up in-house. 

However, there's evidence of working capital challenges: the median number of days to pay invoices rose, suggesting businesses are continuing to term out payments where they can. An analysis of over 12,000 customer calls also shows increased mentions of “borrow” and “working capital,” even as mentions of “layoffs” and “recession” decreased. 

Check out the report for more data breakdowns, including card spend by company size and industry.

Grab the complete report

Overall businesses ended the quarter on a strong note, increasing card spend by 17% from February to March. Although the ramifications of the banking crisis are still unfolding and potential interest hikes continue to loom, our Q1 data show that businesses are staying forward-looking and innovative in the face of market challenges. 

Explore our data in more detail and see how spending is trending over time in our Q1 Spending Benchmark report

Try Ramp for free
Error Message
No personal credit checks or founder guarantee.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Content Lead, Ramp
Fiona writes about B2B growth strategies and digital marketing. Prior to Ramp, she led content teams at Google and Intercom. Fiona graduated from UC Berkeley with a degree in English. Outside of work, she spends time dreaming about hiking the Pacific Crest Trail one day.
Ramp is dedicated to helping businesses of all sizes make informed decisions. We adhere to strict editorial guidelines to ensure that our content meets and maintains our high standards.


How Crowdbotics streamlined, centralized, and saved with Ramp

“We switched from our legacy provider to Ramp in under a week and heard zero complaints."
Miles Lavin, VP of Strategic Finance, Crowdbotics

How Ramp Helped REVA Air Ambulance Save Time, Improve Visibility, and Gain Peace of Mind

“We were able to mold Ramp to our company to set it up as needed within departments. But the biggest selling feature to us was the automatic, real-time integration with Sage.”
Seth Miller, Controller, REVA

How Heyday Skincare gained control over 23+ entities with Ramp

“Ramp has been a saving grace by organizing and consolidating systems and giving us real time visibility across 23 entities.”
Shawn Gordon, Sr. Accounting Manager, Heyday Wellness

How Ramp helped Rustic Canyon Restaurant Group promote a culture of financial awareness and responsibility

"Ramp has helped promote a culture of awareness and accountability, there's no swipe your card and forget about it, people are more attuned to why and how they are spending."
Derek Arnette, Controller, Rustic Canyon Restaurant Group

How Ramp helped Viking Well Service institute a more efficient expense management process

“Having the purchase order and bills all in one place just makes a whole lot more sense for the type of business that Viking’s doing, because you can simplify it down to a one-line-item type deal. That’s really important for control purposes, for visibility."
Chris Lowdermilk, Senior Controller, Viking Well Service

How Ramp Procurement helped NPHY simplify, save time, and improve transparency

“Before Ramp Procurement, requests could take up to a month. Now the process is complete in a matter of days, meaning we can get much needed supplies and focus on delivering care to our clients (teenagers in crisis) faster.”
Michelle LaBonney, Director of Finance & Operations, Nevada Partnership for Homeless Youth

How Betterment manages corporate spend for five entities with Ramp

“With Ramp, we can save rules directly to the card. Transactions from any of our monthly vendors come in already coded, so that’s been a huge time saver.”
Marianne Hawes, Senior Accountant, Betterment