Gynger launches out of stealth to loan companies cash for software
Summary
Ghermezian is the founder of Gynger, a New York-based platform that offers companies capital to procure software and services products for their bespoke tech stacks. “Going through those pains while managing our budgets and thinking of cash flow and runway, I experienced the shortcomings of the business-to-business SaaS market firsthand,” Ghermezian told TechCrunch in an email interview. Customers can choose to pay vendors the full year upfront in exchange for a discount or spread out existing bills, for example, and decide which contracts they want Gynger to finance on their behalves. But he notes that many loaners focus on purchasing a company’s receivables (i.e. funds owed goods and services) and lending against their annual recurring revenue. To date, Ghermezian says that Gynger has financed SaaS contracts as small as $1,000 to as high as $1 million from vendors including Airtable, Google Cloud Platform, Amazon Web Services, Slack and Zoom.