Bill.com announced it closed a $50 million financing round led by Silicon Valley Bank, joining existing investors DCM Ventures, Scale Venture Partners, August Capital, Napier Park Global Capital, American Express Ventures and Commerce Ventures in helping the digital business payment provider raise a total to date of $100 million.
With the latest funds, Bill.com will continue implementing its payment solutions for companies nationwide and scaling the company to support its growing network of members.
In addition to three of the top 10 national banks leveraging Bill.com’s A/P and A/R management solutions, 35 of the top 100 accounting firms in the U.S. use Bill.com, according to the company.
"Businesses today demand digital payments solutions that can make their lives easier and eliminate the headaches associated with having to process payments, checks and invoices manually," stated Bill.com founder and CEO René Lacerte. "With a majority of businesses still using manual processes to manage their A/P and A/R, there is a significant market opportunity for us and our esteemed bank partners to better serve our customers. With this new capital, we will continue to expand our core technology and fulfill our promise to deliver digital payments solutions to businesses nationwide."
Over the past year, Bill.com has grown its network more than 100 percent to more than 600,000 members and moves over $19 billion annually.
"Bill.com tackles a problem that plagues small businesses and distills it down to a simple solution for paying bills and getting paid," stated Jacob Moseley, senior market manager of Silicon Valley Bank. "The company has demonstrated tremendous growth and established itself at the center of the digital payments space. We are pleased to be a financial partner for Bill.com and look forward to helping the team increase its probability of future success."
