Billtrust Raises $50 Million to Expand Payment Cycle Management Solution
Billtrust, one of the leading payment cycle management platforms, recently announced a $50 million funding round led by Riverwood Capital Management.
Billtrust will use the investment to strategically grow into adjacent markets, continue to innovate the products and services available in their Quantum Payment Cycle Management.
BillTrust will leverage the investment to strategically grow into adjacent markets, continue to innovate the products and services available in their Quantum Payment Cycle Management solution and expand their global footprint.
Getting its start back in 2001, Billtrust is the pioneer of payment cycle management, helping clients automate and accelerate their accounts receivable AR processes to increase cash flow, improve operational efficiency and increase customer satisfaction.
“Billtrust’s mission is to not only accelerate, but to help clients grow cash flow,” said Flint Lane, CEO and founder of Billtrust. “Our Quantum Payment Cycle Management solution is unique in the market because it seamlessly automates what is a traditionally labor intensive, manual process for AR teams. With this new investment, we will look for growth opportunities in current and adjacent markets, continue innovating our Quantum solution to meet expanding client needs, such as credit and collections support, and broaden our reach in international markets.”
“Billtrust helps enterprises with a critical part of running their business: how they get paid. Their market-leading Quantum solution meets the needs of CFOs for a strategic, end-to-end solution that drives cash flow and cost savings through automation and improved efficiency,” said Francisco Alvarez-Demalde, founding partner at Riverwood Capital Management. “We are excited to partner with Billtrust’s entire team in creating an enduring leader in the B2B payment cycle management sector. We see a clear, long-term secular shift towards process automation software as a strong tailwind for Billtrust to continue delivering on its mission of improving outcomes for AR departments.”