Saving teams 520 hours a year

According to Eric Glyman, Ramp’s co-founder, the average finance team spends 520 hours/year paying bills. That’s the equivalent of three working months out of the year spent wading through invoices and figuring out due dates.

Ramp Flex launched yesterday to help these teams save time and automate how they pay vendors. Flex allows finance teams to pay bills and manage cash flows directly from Ramp's platform. Embedded into Bill Pay, Ramp pays your vendor up front. You can then pay them back in 30, 60, or 90 days for a small fee.

“When we talked to founders and entrepreneurs, we noticed that cash flow management was a common theme — businesses wanted a way to line up the timelines of their ‘cash out’ with their ‘cash in’ so that they could grow efficiently, without the headache of toggling between multiple solutions.” the makers share.

Flex is not the first to offer companies the “buy now, pay later” option. We recently talked about a YC company called tranch, which enables SaaS and Service providers to be paid upfront while offering their customers payment flexibility. Customers can spread invoices from $10k to $250k over 3-12 months.

On the consumer side, things don’t seem to be looking too bright. In a recent round of financing, Swedish BNPL service Klarna’s valuation plunged 85% to $6.7 billion. Whether this is due to overall market sentiment or the multitude of new entrants in the space remains to be seen.

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