American digital business payments firm Bill.com has raised $88m in a new funding round led by Franklin Templeton. The latest round values the company at nearly $1bn.
The funding round was joined by Mastercard, Fidelity Investments Canada ULC, Kayne Anderson Rudnick, Temasek, Cross Creek and FLEETCOR.
Bill.com offers a cloud-based business payments and software platform for small and medium business.
The company’s payment management platform is designed to automate, streamline and controls the payments process, saving about 50% of time usually spent.
Currently, the firm has a network of three million members and manages more than $60bn payments a year.
Its partners include financial institutions, accounting firms and accounting software providers.
Bill.com CEO and founder René Lacerte said: “Bill.com is changing how payments are made in the SMB market by defining an industry leading payment and software platform for SMBs.
“Businesses struggle with conventional payment processes which are complex, manual, paper-based and not always secure. Our cloud payment platform is changing all that. We automate payments and back office business processes resulting in significant efficiencies and cost savings.”
Franklin Templeton noted that Bill.com’s payment solution, ecosystem partners, customer base and team will enable it to exploit the emerging B2B payments market.
Till date, the payments firm raised more than $275m, including $100m in October 2017. Some of the investors included American Express, Bank of America and JP Morgan Chase.