Bill.com has secured $100 million in funding from JPMorgan Chase and Temasek, among other lead investors from previous rounds. With funding from America’s largest bank, and a holding company owned by the government of Singapore, this latest round of financing demonstrates the burgeoning investor interest in financial technology companies.
This latest round of funding brings Bill.com’s total to $200 million, and the company now has an estimated private market valuation of $742.8 million, according to PitchBook, a private market research provider. This makes the paperless billings and payments software company among the top valued startups in Silicon Valley.
Bill.com reports that has more than 2.5 million members processing $50 billion in payments annually. Its self-reported customer tally is at approximately 100,000, and it partners with four major U.S. banks, more than 50 major accounting firms, and integrates with commonly used accounting software including Xero and QuickBooks. Bill.com is also the preferred digital payments provider for CPA.com, the technology arm of the American Institute of CPAs.
“The last chasm to cross in digital payments is business payments. Eighty percent of all payments made by U.S. businesses today involve paper checks, and it’s about time we change that,” said René Lacerte, CEO and founder of Bill.com. “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.”