Ramp is officially jumping into the other side of the payments cycle, launching an Accounts Receivable product to go alongside its bread-and-butter spend management products.
The fintech platform, which has offered the feature in beta since the summer, said it can now automate “the full invoice-to-cash workflow” with Ramp Accounts Receivable.
The launch marks an important shift for Ramp, which is now positioned to capture both sides of corporate cash flow and take on legacy billing companies like BILL.
The product will create invoices and follow-ups, recognize revenue and reconcile incoming payments against outstanding invoices, the company said in a press release Tuesday.
“Finance teams today spend too much time chasing payments for outstanding invoices,” Chief Product Officer Geoff Charles said in the press release announcing the new feature. “Ramp has always helped businesses control the money going out. With Ramp Accounts Receivable, we can now help them manage the money coming in.”
Charles said the expansion was “a top request from our customers.”
Ramp, which serves over 70,000 businesses, didn’t say whether there would be processing fees on receivables or what it would charge for these features as part of its AI-powered tiered offerings.
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Ramp Accounts Receivable is available to U.S.-based, single-entity businesses using QuickBooks Online and NetSuite. Other ERP integrations are “coming soon.”
Ramp was valued at $44 billion in June after a $750 million primary financing round led by ICONIQ, GIC, and Ontario Teachers' Pension Plan. The company said at the time that it had over $1 billion in annualized revenue, with positive free cash flow.
