Ramp, the first finance automation platform and corporate card designed to help businesses spend less, announced an expansion of its platform that “enables businesses to finance all of their bills in one place.”
Bill Pay, its accounts payable automation product, will now “offer businesses the option to make payments on flexible terms through its new Flex solution.”
Bill Pay will also “support companies with multiple entities and integrate with all major accounting software providers.”
Ramp helps eliminate “the need for businesses to secure additional credit to finance critical operating expenses (e.g. inventory), which are not widely available and require separate management, or hold excess cash, which is expensive and inefficient.”
This latest announcement “significantly widens the total addressable market for Ramp.”
There are currently $120 trillion in global B2B payments processed annually, “of which only $1.5 trillion are on cards.” Building upon its flagship product, the first corporate card designed to help companies spend less, Ramp is now “reinventing how businesses move their money. Bill Pay’s expansion fulfills overwhelming demand from Ramp customers – particularly in industries such as e-commerce, construction, and manufacturing – for a way to pay all of their vendors when and how they want.”
Ramp has the unique ability “to see across all business spend, from ACH to checks to cards, and help customers decide when to pay certain bills, how to simplify their workflow, and where to cut wasteful spend.” By using Ramp, businesses can “pay expenses in ways that maximize their profitability and efficiency.”
Eric Glyman, co-founder and CEO, Ramp, said:
“Ramp’s Bill Pay platform has had extraordinary customer adoption. Within six months of its public launch, customers were using Ramp to power over $1 billion in annualized volume. It’s our fastest growing product, exceeding the growth of even our corporate card, which is the fastest growing in the U.S. Our customers’ vendors are now on Ramp, so we can see when bills are coming up, and how and when our customers should pay them. We’re using everything we know about our customers to improve their financial management – especially important in times of volatility – by providing a platform where they can move money more easily and with more flexibility on working capital cycles, too.”
As noted in the update, Flex is now “available to select customers as a part of its Early Access Program with general access forthcoming.”
With Flex, Ramp pays its customers’ vendors “upfront and customers can choose to pay Ramp back in 30, 60, or 90 days for a small fee.”
Non-tech businesses that rely on working capital will “find particular value in Flex, which is designed to minimize their cash conversion cycle and optimize cash flow.”
With Flex, businesses will “no longer have to navigate a convoluted web of terms, conditions, fees, and limits from vendors, banking partners, and their own customers.”
For more details on this update, check here.