Bill.com secured a new $50 million fundraising round for its cloud-based digital payment tracking software for small and medium-sized businesses, which will be used to expand its customer base — bringing the total amount of capital raised to more than $100 million.
The company was founded in an effort to fill a gap in the market for digital payment processing among small and medium-sized businesses. Rather than circulating invoices around the office on paper or in spreadsheets, Bill.com provides a cloud-based system that allows accounting and finance departments to view outstanding invoices simultaneously, as well as deliver solutions to make payment processing easier to handle for businesses.
In the past 12 months, Bill.com has doubled its network to include more than 600,000 members, including 35 of the Top 100 accounting firms and three of the Top 10 banks in America. Over $19 billion in funds are moved annually, according to company sources.
“Businesses today demand digital payments solutions that can make their lives easier and eliminate the headaches associated with having to process payments, checks and invoices manually,” said René Lacerte, CEO of Bill.com. “With this new capital, we will continue to expand our core technology and fulfill our promise to deliver digital payments solutions to businesses nationwide.”
The funding round was spurred by tech startup investor Silicon Valley Bank — one of the most active financial technology investors for 2014 — as well as existing investors DCM Ventures, Scale Venture Partners, August Capital, Napier Park Global Capital, American Express Ventures and Commerce Ventures.
“They’ve built a good brand and something that’s clearly recognized, and we’ve seen clients at a bunch of different stages leveraging their platform,” Jake Moseley, senior market manager for Silicon Valley Bank told CNBC. “[They’ve] differentiated themselves in the space and created a very simple and scalable solution to what we believe is a very common challenge for business customers.”