Bill.com, a bill payment, invoicing and cash flow management specialist, has closed a $38 million funding round led by Scale Venture Partners and joined by industry giants including BofA and American Express.
Fifth Third Bank, Pete Kight, founder of CheckFree, and Commerce Ventures, as well as all of Bill.com's previous investors also joined the round, which takes the start-up's total investment to date to $80 million. ScaleVP's Rory O'Driscoll has joined the Bill.com board.
Founded in 2007, Bill.com claims to be the fastest growing payments network in the US, helping more than 275,000 users pay and get paid, managing more than 10 million bills, worth $12 billion, a year.
A chunk of the new money will be use to push the firm's banking platform which enables financial institutions to integrate its technology into their systems and "own" the entire cash flow management process - from payables to receivables to cash flow visualisation.
Says Peter Kight: "Knowing that businesses have lagged consumers in online payments by a significant margin, I have always been excited about how Bill.com is revolutionizing how businesses pay and get paid. As Bill.com has developed its bank platform, I have become convinced that their solution is a game changer for banks."
The new funding will also be used on accelerating the Bill.com Business Payments Network, customer acquisition, investment in product features, and integration with third-party applications.
René Lacerte, CEO, Bill.com, says: "This capital will allow us to continue to expand the Bill.com Business Payments Network, changing the way businesses do business everywhere."