Bill.com discloses September investment round, doubles total funding
The round was lead by JP Morgan Chase and Temasek, with participation from lead investors in each of Bill.com’s earlier funding rounds. The financing doubles the company’s previous funding total to $200 million.
Bill.com CEO René Lacerte says the company plans to do “what no other fintech company has been able to do before: eliminate cheques and paper from the business operating manual”. Lacerte adds the new capital will help his company “cross the chasm shifting digital payments from early adoption to major, widespread market acceptance”.
Bill.com was founded in 2006 to help businesses manage accounts payables and receivables with online billpay, custom invoicing, document storage and collaboration tools. Today, the company remains focused on digital, paperless payment options and offers the largest business payment network in the US. Bill.com’s 2.5 million members account for more than 1% of all US businesses and process more than $50 billion in payments each year. The company has 100,000 customers and is partnered with four of the top ten US banks and with more than half of the top 100 accounting firms.
It has announced a partnership with JP Morgan Chase in which it will help the bank’s business customers manage their cashflow.