Billeo Raises $7 Million

Billeo Inc., a Santa Clara, Calif.-based online bill payment solution, has raised $7 million in Series B funding. ATA Ventures led the deal, and was joined by return backers Altos Ventures, Claremont Creek and Pacifica Fund.

PRESS RELEASE

Billeo, Inc. today announced the closing of a $7 million Series B round of funding. ATA Ventures led the financing, with additional contributions from all of Billeo's existing investors including Altos Ventures, Claremont Creek and Pacifica Fund. The funding will be used for product development, marketing, and scaling operations. As a principal investor, Mike Hodges, venture partner at ATA Ventures, will join Billeo's board of directors.

“This financing allows us to meet the increasing demands of consumers and small business owners who are using Billeo to pay bills and shop online using any form of payment, whether it's credit card, debit card, or online bank account,” said Murali Subbarao, founder and chief executive officer of Billeo. “The investment community has validated Billeo's market position, and we will continue to expand our leadership in online payments.”

Hodges said, “Billeo's innovative approach to online payment offers consumers the greatest choice and control when transacting online. We are pleased to lead this financing and to add Billeo to our portfolio of innovative companies.”

Billeo streamlines the online payment process by giving consumers and small business owners complete control over when and how they manage, organize, pay bills and shop online. With Billeo, payment is instantaneous and your receipts are automatically captured, saved and filed. And, Billeo offers one-step password log-on to one-click completion of online shopping and bill pay forms. Billeo is the only card bill-pay provider featured by more than 40 U.S. banks/issuers, including six of the top ten banks/issuers, including Visa, Bank of America, Chase and Wachovia to name a few. Additionally, the Billeo Biller Directory has nearly 6,000 billing companies across 26 categories, including utility, cable and credit card companies