PALO ALTO — Bill.com has secured $100 million in financing led by JPMorgan Chase and Temasek, the national investment fund of Singapore. It also includes participation from the previous investors August Capital, Scale Ventures, Napier Park, DCM, Icon Ventures, Emergence Capital, Silicon Valley Bank and American Express. The new investment brings the total amount secured by the company to-date to over $200 million.
Bill.com operates the leading business payments network with over 2.5 million members processing over $50 billion per year in payment volume for over 100,000 customers. Bill.com helps businesses connect and do businesses by saving them more than 50 percent of the time typically spent on financial back-office operations. Bill.com partners with four of the top 10 largest U.S. banks, more than 50 of the top 100 accounting firms, major accounting software providers including Intuit and Xero.
“The last chasm to cross in digital payments is business payments. Eighty percent of all payments made by U.S. businesses today involve paper checks, and it’s about time we change that,” said René Lacerte, CEO and founder of Bill.com. “Businesses deserve the same digital payment experience we have come to expect as consumers. With this capital, we will double down on our efforts to shift digital payments from early adoption to major, widespread market acceptance.”
“We’re always looking for new, innovative ways to enhance our clients’ experience,” said Ana Capella, Managing Director and Head of Strategic Investments at JPMorgan Chase. “We’re pleased to play a leading role in transforming digital payments for businesses.”
While there is no shortage of digital payment options for consumers, businesses have been left behind. Today, paper checks cost U.S. businesses invaluable time and money that could otherwise be spent in far more productive ways. Bill.com saves businesses up to 50 percent of the time typically spent on financial back-office operations by bringing payments into the cloud and securely automating their AP and AR end-to-end processes.
The company plans to use the investment to accelerate Bill.com’s distribution into banks and accounting firms, and to continue the rapid adoption of the Bill.com payment network.