Brex vs Ramp: Choosing the Right Bank

Stuck picking a business bank? Brex and Ramp are two popular options, but they’re not one-size-fits-all.

Brex and Ramp, two giants in financial tech. Both offer sleek banking solutions for modern companies. But which one is most suitable for your specific needs?

We’ll break it down for you. This comparison will discuss what each platform offers — from credit limits that fuel your growth to rewards that put money back in your pocket. We’ll also tell you how easy (or difficult) it is to track spending with each option.

Let’s find the best fit to boost your business finances!

What is Brex?

Brex is a financial technology (fintech) solution designed for startups and high-growth businesses. Imagine it as your one-stop financial shop, streamlining operations and saving your time.

Brex replaces traditional banking with high-limit corporate credit cards and integrated spending controls to manage team expenses. But Brex goes beyond credit. It also offers virtual accounts for streamlined cash flow management.

At its core, Brex aims to simplify expense tracking, cash flow, and your financial picture. It’s like having a dedicated financial teammate keeping your business on track.

What is Ramp?

Ramp is a customizable expense management solution. It excels in streamlining the expense process. Plus, it integrates seamlessly with your existing accounting software.

Another key feature of Ramp is its price intelligence tool. It uses millions of anonymized transactions to provide valuable market benchmarks. So, you can negotiate with vendors and secure the most competitive software pricing for your business.

Ramp’s real-time expense tracking, automated approvals and effortless reconciliation provide your team with greater control and visibility into spending. Think of it as your go-to expense management system that streamlines your finances and frees you from tedious paperwork.

A Breakdown of Brex

Here’s everything you should know about Brex before making your pick:

Top Features

• Easy deposits

• Cash protection across FDIC-insured partner banks

• Earn 4.89% interest on your cash in a money market fund, accessible for daily expenses

• Automated bill pay from a dedicated AP account

• Business credit card to clear statements instantly with a Brex business account

• Customizable permissions with “need-to-know” user roles for greater security

Brex Business Account

Brex business account is a comprehensive cash management solution. It is designed to streamline financial operations and enable informed decision-making in businesses.

Brex equips businesses with high-limit corporate credit cards. These cards exceed the limitations of personal cards and, thus, scale with your company’s growth. Its virtual accounts allow for efficient cash flow management by segregating funds for specific purposes. This simplifies budgeting and enhances financial organization.

Brex also automates recurring bill payments. This frees up your valuable time for core business activities.

You can even use idle cash strategically by investing in a money market fund. Your investment can generate interest of up to 4.89% with the added benefit of same-day liquidity for ongoing expenses. If you focus on maximum security, you can also opt for FDIC-insured storage.

Brex seamlessly integrates with popular expense management tools. It provides real-time insights into company spending and eliminates manual spreadsheets and reports. It also equips you with the tools necessary to make data-driven financial decisions.

Thus, leading to greater transparency and control over finances.

Who Can Open a Brex Account?

Brex accounts are currently only available for businesses registered in the US. This includes LLCs, Corporations (C-Corp and S-Corp) and Limited Liability Partnerships (LLPs).

Brex Mobile and Credit Card

Brex offers high-limit corporate credit cards that scale as your business grows. Brex even tailors the credit limits to your specific needs. This ensures an ambitious business, without being held back.

Brex also has an intuitive mobile app, so you can manage your finances from anywhere, anytime. Whether you need to approve an expense request or track spending in real-time — no problem. The app will give you complete control over your company’s finances at your fingertips.

Pros

• High-limit corporate credit cards for growth

• Mobile app for on-the-go finance management

• Automated bill payments save time

• Earn interest on idle cash

Cons

• Limited to US-registered businesses

• Unclear credit limit calculations can be frustrating

• Reliant on integrations for some features

• Potential fees for international transactions

A Breakdown of Ramp

Now, all you need to know about Ramp:

Top Features

• Spend control and visibility

• Integrations with accounting software

• Price intelligence to get the best software deals

• Automated workflows to streamline financial processes

Ramp Banking Options

Ramp simplifies expense management from top to bottom. You gain a clear view of your company’s spending, identify cost-saving opportunities, and free up valuable time for your team.

Here’s how it simplifies your life: Instead of juggling multiple credit cards, Ramp integrates seamlessly with your existing ones. It becomes your central hub, tracking and managing all company spending in one place.

The platform also categorizes transactions, generates reports and even lets you set spending controls for your team.

But Ramp goes beyond basic tracking. Their price intelligence tool analyzes spending data from millions of transactions. This equips you with valuable insights to negotiate better deals with software vendors.

Streamlining workflows is another Ramp standout feature. With Ramp, you can automate repetitive tasks like invoice approvals and reimbursements. Thus, freeing your team to focus on more strategic work.

Plus, Ramp integrates seamlessly with most accounting software, making data transfer and reconciliation a breeze.

Who Can Open a Ramp Account?

To open a Ramp account, your business must be:

• Registered in the US (Corporations, LLCs, LPs and non-profits)

• Have a minimum $75,000 in a US business bank account

• Primarily US operations and spending (international transactions with waived fees)

Ramp App and Card

With the Ramp corporate card, you can enjoy perks like no fees, high limits and automated expense tracking. No more tedious expense reports! It offers real-time insights into company spending. Plus, with Ramp’s smart alerts, you’ll always stay on top of your budget.

But the benefits don’t stop there. The Ramp mobile app puts financial control in the palm of your hand. You can easily view and manage transactions, set spending limits and track employee expenses—all from your smartphone. In the office or on the go, the Ramp app will keep you connected to your company’s finances 24/7.

Pros

• Effortless expense tracking

• Flexible with existing cards

• Spending control with custom limits

• Global transactions — waived fees for savings

Cons

• US-registered businesses only — limited availability

• Potential integration fees

• Anonymized data for price intelligence

• Newer company — less brand recognition

Brex or Ramp: Which One is Better?

Deciding between Brex and Ramp can be tedious — they’re both valuable tools but for different financial needs. Here’s our take on it:

If your business is on a fast track to success, Brex might be your perfect match. They offer a comprehensive financial toolkit designed to fuel your growth. This includes high-limit corporate credit cards, virtual accounts for cash flow management and automated bill pay to free up valuable time.

On the other hand, for businesses laser-focused on streamlining expenses, Ramp is a more compelling solution. It seamlessly integrates with your existing business credit cards. Ramp then automates the tedious task of expense tracking and categorizing transactions across all connected cards. Plus, their Price Intelligence tool empowers you with valuable data to negotiate better deals with software vendors.

Going Global

Both Brex and Ramp cater to businesses operating internationally. However, Ramp takes it a step further by waiving all associated transaction fees. Thus, allowing you to conduct business globally without incurring extra costs.

Final Verdict

There’s no single “better” option — it all boils down to your company’s specific needs.

Brex is ideal for ambitious, high-growth businesses looking for a comprehensive financial platform. On the contrary, Ramp is more suited for companies prioritizing streamlined expense management and cost savings on international transactions.

Consider your business stage, spending habits and desired level of financial control to make an informed decision in the best interest of your financial future.