Bill.com, a Palo Alto, California-based business payments network, has raised an additional $100m to expand its distribution into banks and accounting firms.
The new round, led by JP Morgan Chase and Temasek, featured participation from August Capital, Scale Ventures, Napier Park, DCM, Icon Ventures, Emergence Capital, Silicon Valley Bank and American Express. It brings Bill.com’s total funding to more than $200m.
Bill.com will used the new funds to accelerate its distribution into banks and accounting firms, and to continue the rapid adoption of the Bill.com payment network.
With the company boasting more than 2.5 million members processing over $50bn per year in payment volume, more than 1% of all US businesses use the Bill.com network to pay or get paid.
It has over 100,000 customers, partnering with four of the top 10 largest U.S. banks, more than 50 of the top 100 accounting firms, major accounting software providers including Intuit and Xero, and is the preferred provider of digital payments solutions for CPA.com, the technology arm of the American Institute of CPAs (AICPA).
Despite consumers having access to multiple digital payment options, businesses are yet to experience the same adoption.
René Lacerte, CEO and founder of Bill.com, said: “The last chasm to cross in digital payments is business payments. Eighty percent of all payments made by US businesses today involve paper checks, and it’s about time we change that,â€
“Businesses deserve the same digital payment experience we have come to expect as consumers. With this capital, we will double down on our efforts to shift digital payments from early adoption to major, widespread market acceptance.â€
Bill.com claims to save businesses up to 50 percent of the time typically spent on financial back-office operations by bringing payments into the cloud and securely automating their AP and AR end-to-end processes.
Last month, FinTech Global revealed that payment solution provider Global Payments secured up to $607m in its latest equity fundraise. The Georgia-headquartered business is a provider of payment services to help companies accept payments via online, in-person, mobile, merchant tools and enterprise methods.
Mid-market private equity investor Waud Capital also recently backed Texas-based Anovia Payments, with the deal seeing Anovia join Sphere Payment Platform, which was recently launched by Waud.
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