Bill.com, a bill payment, invoicing, and cash flow provider, has announced the securing of $3.8m through its latest funding round, bringing the total raised so far to $80m.
Led by tech investor Scale Venture Partners (ScaleVP), the event included participants such as Bank of America, American Express, Fifth Third Bank, Pete Kight, founder of CheckFree, and Commerce Ventures, with a number of the company’s previous investors joining as well.
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Rory O’Driscoll, a partner at ScaleVP, said: "We like to invest in companies that take complex problems and make them easy.
"Bill.com takes the ease of use of consumer online bill pay solutions and adds enterprise features like workflow, access control and approval processes."
As part of the investment, O’Driscoll is set to join Bill.com’s board of directors.
Commenting on the company’s payments service, he said: "Customers who use the product rave about it. It allows them to get a direct handle on cash, which is the lifeblood of any business."
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By GlobalDataAmong other expenditures, Bill.com says the endowment will be put towards supporting its fast expanding banking channel, strengthening its business payments network, and fostering integration with third-party systems to serve small to medium enterprises (SMEs).
René Lacerte, Bill.com founder and chief executive officer, said: "I started Bill.com because, as a CEO, I felt the pain of managing cash flow…I am extremely proud that we have automated this manual process for businesses large and small all over the U.S."
Lacarte dubbed the funding results ‘exhilarating and motivating’, adding: "This capital will allow us to continue to expand the Bill.com Business Payments Network, changing the way businesses do business everywhere."
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