Bill.com Raises $38 Million in New Funding Round
Bill.com is facing rapid growth in the banking and business sector as it’s just secured a lucrative funding round. The platform, specializing in cash flow management, payables and receivables just closed a $38 million funding round led by Scale Partner Ventures. Other participants include Bank of America, American Express, Fifth Third Bank, CheckFree founder Pete Kight, and Commerce Ventures. Throw in all of Bill.com’s previous investors, who also participated in this round of funding, and their total raised comes to a cool $80 million.
Their aim, and the reason behind the intrigue of major financial institutions, is to increase electronic consumer payments banks process from the business sector. Presently, banks electronically process 80% of consumer payments while only electronically processing 20% of business sector payments said CEO and Co-Founder René Lacerte in a recent interview.
Bill.com aims to provide banks with the technical expertise and the necessary platform to provide customers with an automated and streamlined cash flow management system. Bill.com will use the funding to enhance and build upon their present services. The company will offer with payables, more features for the larger companies they’re attracting, and with receivables, they plan to integrate with CRM providers to enable the Bill.com platform to convert sales orders to invoices. The platform will also allow its customers to extend and tailor the Bill.com platform to their own clients.
Presently there is a significant lapse in electronic payments processing in the business sector. The implications of Bill.com’s growth has financial institutions chomping at the bit, hoping to snatch a larger piece of digital business payments.