Online accounts payable and receivable service Bill.com has secured $15.5 million in a Series D financing round, with the primary goal of expanding its market reach and making product enhancements.

Bill.com has now raised approximately $40 million from new and existing investors including Financial Partners Fund, a unit of Citi Capital Advisors; DCM, Emergence Capital Partners, August Capital, Jafco Ventures and Total Technology Ventures.

Company chief executive René Lacerte claims there are no foreseeable plans to aim towards the public market. The focus of the latest round of funding will be to scale operations in support of continued customer growth and for product development and marketing purposes.

“The company has grown 300 percent over the past year, and there are lots of opportunities for us right now,” said Lacerte. “Our focus is leveraging all the learning from past year and growing as fast as we can. We plan to invest more in product functionality, bringing the AP/AR functions together in a command-control center. We’re also looking to market to and acquire more customers, such as in financial institution sector.”

Lacerte also noted that he plans to market to small businesses affected by the slowdown in U.S. Postal Service deliveries.

“What this means for small businesses and accountants is it’s going to be a longer time to get payments by mail,” said Lacerte. “We can eliminate that problem for accountants and customers. The money we are getting will help capitalize on that and get the message out there.”

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