Initiation of a corporate credit card RampPublicly traded competitors are being pursued Bill.comCNBC offers a free platform for invoice management and payment.

This year, the start-up saw rapid growth. It offers small- and medium-sized companies a cashback card that pairs with software that helps clients save money. Ramp claims that transactions volumes increased by 50% over the first two months of the start-up. last raised fundsA valuation of $3.9 Billion

The New York-based startup has set its sights to continue that growth by focusing on clients in the United States. Bill.comRamp CEO Eric Glyman said that, which automates invoice processing and payments, is a fintech startup. He said that invoice payment is an error-prone, time-consuming and hands-on process for many businesses.

Glyman explained that entering the software could take several minutes and it can also take many times to verify you do everything correctly in just a few seconds. “Finance departments are sick of using multiple or more systems to just make payments and close books.

Ramp worked for a year on the feature. He used an artificial intelligence technique called optical character recognitionTo extract invoice information and fill out forms automatically. Glyman shared that the feedback from some of hundreds of billpay pilot clients has been positive.

Glyman believes that Bill.com has only a fraction of the opportunity. However, Bill.com has an estimated market capitalization of over $1 trillion. surgedFrom less than $2 billion to more than $30 billion within two years. This year, the company’s stock rose 120% due to investors’ passion for all things digital.

Glyman stated that Ramp will give away its software in the hopes of gaining new customers and strengthening existing relationships. He said that about 20% of Ramp’s customers use Bill.com services.

Glyman stated that the current plan was to offer it completely free of charge for everyone who signed up at launch. It’s disruptive for some, but the benefits are great for customers.