Bill payment and online invoicing company Bill.com has added $15.5 million in Series D financing. New investor Financial Partners Fund, a unit of Citi Capital Advisors, participated in the round, as did existing investors DCM, Emergence Capital Partners, August Capital, Jafco Ventures and Total Technology Ventures. The company is based in Palo Alto, Calif., and will use the money to expand operations, continue product development and for marketing efforts.
Bill.com, the leader in integrated bill payment, online invoicing and cash management solutions for businesses, today announced that it has completed a $15.5 million Series D funding round.
The financing round included new investor Financial Partners Fund (FPF), a unit of Citi Capital Advisors, and existing Bill.com investors including DCM, Emergence Capital Partners, August Capital, Jafco Ventures and Total Technology Ventures. Bill.com will use the additional capital to scale operations in support of continued customer growth and for product development and marketing purposes.
Bill.com has now raised more than $40 million as it achieves its vision to provide businesses of all sizes with the innovative cloud-based tools, information, and collaboration needed to eliminate the historic hassles of the bill management and payment process, enabling its customers to better manage their daily operations. The company has transformed the static excel spreadsheet used by businesses to track cashflow into a web-enabled command and control center that allows users to take immediate action – from bill payment to invoicing – backed-up with the insight needed to instantly make the right decision for their business, wherever they are.
“I’ve worked closely with numerous financial services companies, and I believe that what Bill.com has built over the past five years is game changing,” said Steve Piaker, managing director, Financial Partners Fund. “Bill.com is helping businesses of all sizes make the transition from time consuming and erroneous paper-based financial systems to a cloud-based system that delivers up to 50 percent gains in time and cost savings. Compared to consumers, businesses have been far slower to adopt this type of technology based on the shortcomings of available tools. Bill.com is bringing the industry up to speed by delivering SaaS software that works the way businesses work. We’re excited to invest in such a dynamic company and look forward to supporting René and team as they take their already successful business to the next level.”
“The Series D financing round is an exciting development for Bill.com and its customers,” said René Lacerte, founder and CEO, Bill.com. “It validates the success and innovation that Bill.com has achieved to date, and positions the company for its next phase of growth with emphasis on our customers and continued product innovation. We selected FPF to participate in this round based on their principals’ history of working with payments-focused businesses and their vision of what moving services to the cloud can do for the industry. We feel fortunate to have the opportunity to work with such an experienced team of investors.”
Bill.com has continued to grow at a rapid pace, growing over 300 percent in 2011 with tens of thousands of new customers and vendors joining the Bill.com network, and $3 billion+ now under management within the Bill.com platform. Bill.com has won numerous industry awards over the past year, including Accounting Today’s Best New AP/AR Product for 2011, a 2011 Innovation Award from CPA Technology Advisor, a 2011 Intuit App Showcase award, a Sleeter “Awesome Add-On” Award and a silver award in the prestigious Best in Biz competition.
“Bill.com is one of the fastest growing start-ups in Silicon Valley; the company is moving more money than Square each month,” said David Hornik, partner, August Capital. “We continue to invest in the company with complete confidence given the experience of the Bill.com leadership team, the quality of their offering and the tremendous market opportunity. Bill.com’s cloud-based bill payment and management services for businesses is unique in the industry and we’re excited to be a part of the organizations’ continued success.”
In 2011, Bill.com introduced new Receivables functionality, doubling the business processes within the Bill.com platform and supporting a full range of accounts receivable capabilities through its invoice creation tool and QuickBooks integration. Bill.com Receivables enables users to send custom invoices, collaborate with customers, and receive electronic payments – all through their Bill.com command and control center. Bill.com supports seamless integration with leading accounting and banking systems such as QuickBooks online, Intacct, NetSuite, and Sage Peachtree software, along with full Google Apps and PayPal Business integration.
These additions enable businesses to automate the tedious processes behind payables and receivables, now taking their existing systems into the cloud with unparalleled efficiency. With Bill.com, business owners can take action and manage their finances from anywhere there’s an internet connection – and on any device – to help them pay and get paid faster.
Bill.com is an on-demand accounts payable and accounts receivable application for businesses of all sizes and has a tailored product for accountants and bookkeepers. With Receivables, Bill.com users can send custom invoices, collaborate with customers and receive electronic payments that automatically sync to their existing accounting software programs. They can also receive, route and pay invoices electronically resulting in time and cost savings of over 50 percent versus manual accounts payable and check writing processes. Bill.com uses enterprise-class fraud protections and integrates with popular desktop and on-demand accounting packages, ensuring consistency of financial data and streamlined financial planning, reporting and audit activities.