Last year, corporate spend startup Ramp released a bill pay feature, expecting it to be a relatively minor addition to its much-lauded corporate card and accounting suites of products. By 2022, the company was processing over $1 billion annually through the service.
Clearly there was a substantial market of companies looking for a safe and convenient way to pay vendors and contractors, to the degree that many corporate clients sought out Ramp specifically for the bill pay service. After seeing the incredible demand for this service, Ramp has chosen to double down on its bill pay feature, launching a flexible financing service called Flex to complement this popular offering. The feature is touted as an unmatched product for easy, flexible payment of major bills.
“A lot of the businesses we support have a lot of working capital that gets tied up," to the point that paying bills can often be cumbersome, according to Ramp’s Co-Founder and Chief Executive Officer Eric Glyman. “Now they can extend financing through other forms of payment, and finance any invoice through us.”
Flex is still in only available in early access to a handful of Ramp’s clients, but a general access release is anticipated sometime before the end of 2023.