The accounts receivable (AR) automation platform Biller Genie announced Tuesday (Aug. 17) it had completed a seed round of $3.5 million.
The Miami-based company called the round a “significant milestone” for its product, a cloud-based accounts receivable (AR) software-as-a-service platform (SaaS) that automates online payments, bill presentment, and follow-up for small- and medium-sized businesses (SMBs).
“Closing this round takes us one step closer to exceeding our growth objectives by fast-tracking our expansion and development plans,” said Tom Aronica, Biller Genie’s founder and CEO.
Aronica founded Biller Genie in 2018 to address what he saw as a “universal problem”: companies whose payment systems do not connect with their accounting software, leading to labor backlogs and cash flow problems.
Biller Genie connects “all major payment processing platforms” with popular account software like Xero and Quickbooks, helping businesses enjoy a shorter invoice-to-cash cycle. The company officially launched its software-as-a-service (SaaS) model in the early part of 2020 and anticipates managing more than $2 billion in yearly invoice volume by the end of 2021.
Read more: How Closing The AR-AP Gap Boosts Enterprise Modernization
Earlier this year, Biller Genie announced a partnership with Xendoo that lets joint customers efficiently collect, process and reconcile payments within the Xendoo portal.
In a previous interview with PYMNTS, Aronica said optimizing accounts receivable (AR) is key to accelerating B2B payments on the buyers’ accounts payable (AP) side. Dealing late B2B payments, for example, can begin with accounts receivable (AR) processes on the supplier’s end to speed up invoice generation and make payment acceptance as simple as possible on the accounts payable (AP) end.
Read more: Accelerating AR Starts With The Invoice
Biller Genie plans to use its seed funding to scale operations, accelerate distribution and develop new features, such as a cryptocurrency payment operation due to launch this fall.
The funding round was led by Henry Helgeson, founder and CEO of Boston-based fintech enterprise, Cayan. Additional investors include Newtek Business Services Corporation; Omar Soliman, co-founder and CEO of College HUNKS Hauling Junk & Moving; Shai Stern, co-chairman and CEO of CheckAlt LLC; and Harish Nataraj, managing director at York Capital Management, among others.
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