Cloud-based accounts receivable automation platform Biller Genie has raised $3.5m in its seed round.
Henry Helgeson, founder and CEO of PayTech company Cayan, served as the lead investor to the round. Other notable backers included Newtek Business Services Corp, College HUNKS Hauling Junk & Moving co-founder and CEO Omar Soliman, CheckAlt co-chairman and CEO Shai Stern and York Capital Management managing director Harish Nataraj.
With the funds, Biller Genie hopes to expand its operations, accelerate distribution and further the development of new features, including a cryptocurrency payment option.
Biller Genie was founded in 2018 by Tom Aronica after he noticed small businesses in the US all faced issues with their accounting software failing to connect with payment systems. This caused labour bottlenecks and poor checkout experiences, which led to cashflow troubles, Aronica said.
The Biller Genie SaaS platform was designed to connect all major payment processing platforms with accounting software, including Quickbooks and Xero. Its features enable back-office invoice automation and reducing invoice-to-cash cycles.
Soliman said, “Accounts receivable platforms like Biller Genie are changing the way small and medium sized businesses interact with their customers.
“The enormous demand Biller Genie has seen in the last year is validation of the impact and value it brings to all stakeholders in the revenue cycle ecosystem, and I am proud to support such an innovative team and help position them for further success.”
Copyright © 2021 FinTech Global