Silicon Valley, CA-based bill.com has closed a $50 million financing round. Bill.com provides a suite of digital payments solutions that make bill payment and invoicing processes painless.
Silicon Valley Bank joined existing investors DCM Ventures, Scale Venture Partners, August Capital, Napier Park Global Capital, American Express Ventures and Commerce Ventures, bringing the total amount raised by the company to date to over $100 million.
The new funds will enable Bill.com to continue scaling the company to support millions of members in the network and will also fuel ongoing plans to provide businesses nationwide with premier digital payments solutions that make paying and getting paid fast, easy and secure.
Bill.com is at the intersection of banks, accounting software solutions and the Internet.Each application within the Bill.com business payments network is built in recognition that today’s SMBs lack the proper tools to pay bills and get paid in a fast, easy and secure way. As a leader in the digital payments space, three of the top ten national banks leverage Bill.com to deliver the industry’s most comprehensive A/P and A/R management solutions to their customers. Additionally, 35 of the top 100 accounting firms in the country use Bill.com to maintain financial control of their clients’ payments and receivables.
This announcement comes on the heels of significant company growth. In the past 12 months, Bill.com has grown its network over 100 percent to over 600,000 members. Currently, the firm moves over $19 billion annually. Bill.com has recently introduced a number of innovative product offerings including Bill.com Fast Pay, Bill.com Payments for NetSuite, and Intacct Sync 2.0, among others.
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