Posted:
May 12, 2023
Updated:
July 18, 2024
When we started Zip, we set out on a mission to redefine how employees experience the procurement process. Our first product, Intake-to-Procure, created a category-defining solution for automating purchase requests and approvals by focusing first on user adoption. But controlling spend only starts with intake. Today marks another important milestone in our journey to modernize procurement as we unveil Zip Intake-to-Pay. To bring this new gold standard of procure-to-pay to companies all over the world, we’re also excited to share that we’ve closed our $100 million Series C and launched a brand new website. Welcome to the next evolution of the Zip you already know and love.
The Zip platform is fundamentally changing the broader procure-to-pay (P2P) and source-to-pay (S2P) landscape by delivering intuitive user experiences and bringing powerful automation to a market that has long struggled with poor system adoption and ROI that falls short of expectations — until now.
UX: At the Forefront of Everything We Do
Zip is dedicated to providing business users with consumer-style experiences, so that everyone using our software — employees requesting purchases, procurement teams, executive stakeholders — expects an intuitive, modern UX. It’s why our customers love Zip and actually enjoy using our products.
By providing employees with a fast, easy experience they are happy to use to initiate and track business purchases, our customers have been able to achieve significantly higher adoption rates of our platform inside of their companies and increase compliance with internal procurement policies. This, in turn, enables CFOs and finance leaders to vastly improve spend visibility and, consequently, cost savings.
While it’s easy to say “we’ll help you save money,” the proof is in the pudding. In that spirit, we’re happy to report that our users consistently see significant benefits to their bottom line. In fact, customers have tracked nearly $1 billion in total savings through the Zip platform in under three years.
Making Spend Visible
We’re proud of our customers’ results, but we also know there’s more work to do. Economic volatility is putting a ton of pressure on businesses to cut costs where possible. Unfortunately, most procurement teams are limited by outdated procurement tools that are difficult for employees to adopt, which leads to rogue spend and limits true spend visibility. This leaves CFOs and business leaders in the dark, without a full picture of their spend or insights on how to optimize. .
That’s where Zip comes in. In a stark departure from legacy solutions, Zip’s consumer-grade user experience makes adopting and collaborating on spend controls intuitive for all stakeholders. The result is complete visibility into the entire procurement process, from initial intake to PO generation — and now, with Zip Intake-to-Pay, all the way through to payment.
Introducing Zip Intake-to-Pay
Zip Intake-to-Pay is now available for you to use to streamline PO creation, invoice processing and global B2B payments for your business, all from a single, easy-to-use platform.
Extending our flagship Intake-to-Procure product, Zip Intake-to-Pay introduces a new modern standard for P2P capabilities. Our powerful new features include:
- Zip PO Management: Create Zip POs from approved requests, manage open POs via the Zip dashboard, send POs to vendors through the Zip vendor portal, manage change orders with the right approvals, and sync PO data to their ERP.
- Zip AP Automation: Teams get invoice inbox and email sync, vendor portal invoice uploads, multi-language optical character recognition and automated two-way matching. Leveraging Zip’s best-in-class workflow engine, invoices can be dynamically routed for approval based with support for advanced conditions.
- Zip B2B Payments: Businesses can pay domestically via ACH, wire and paper checks and pay globally via wires and local payment rails across more than 40 currencies and 130+ countries. Zip also provides payment batching and approvals, along with multi-subsidiary support and direct debit support for automated funding.
Zip Intake-to-Pay consolidates all of the tools and processes traditionally required for the procure-to-pay process. This results in tremendously increased control and visibility over spend, greater AP efficiency and consistent support for compliant purchasing processes.
And because our solution is natively integrated with intake, Zip Intake-to-Pay is the first truly unified platform for procurement that will actually let you achieve your efficiency and savings goals.
To learn more about Zip Intake-to-Pay, you can book a demo or reach out to us at info@ziphq.com. We’re excited for you to try our new product and provide any feedback.
Fresh Funding to Accelerate Innovation
Of course, this is just the beginning. We’re thrilled to share that Zip has raised a $100 million Series C with investment from Y Combinator, CRV, and Tiger Global. With this latest funding we’ve opened a new office in Dallas and expanded to 250+ employees to support our growth.
We’ve also launched a new website that we believe better communicates the value of Zip for our current and future customers. Check it out here.
Importantly for our customers, Zip’s latest funding will allow us to accelerate product and UX innovations to encourage employee adoption across our customer base as we add new products. This will include new applications of generative AI that maximize efficiency and synthesize insights across the entire intake-to-pay process. Stay tuned for more details.
As we look to the future, we’re excited to continue innovating new products and solutions to revolutionize procurement and breathe new life into an outmoded technology market. If you have ideas for features you’d like to see in upcoming releases of the Zip platform, please reach out to us at info@ziphq.com. We love receiving your input and bringing it to life in our software.
I want to personally thank everyone for their support on the Zip journey — including all of our customers, partners, employees and investors. You help us make our company and products more inventive and impactful.
