Payment cycle management company Billtrust has raised $50m in a new round led by Riverwood Capital Management.
The New Jersey-based company aims to help companies accelerate their cash flow by automating invoice delivery, payments and cash applications.
Billtrust CEO and founder Flint Lane said: “Billtrust’s mission is to not only accelerate, but to help clients grow cash flow.
“Our Quantum Payment Cycle Management solution is unique in the market because it seamlessly automates what is a traditionally labor intensive, manual process for AR teams.p>
The company will use the capital to further its growth in its current and adjacent markets. Over the past six years the company has complemented its organic growth with five strategic acquisitions.
The funding will also be used to further develop it technology to meet customer demands, such as credit and collections support.
The round brings Billtrust total funding to more than $104m with previously closing a Series C round led by Goldman Sachs in April 2015.
Riverwood founding partner Francisco Alvarez-Demalde will join the company board as a result of the deal.
He commented: “Billtrust helps enterprises with a critical part of running their business: how they get paid.
?Their market-leading Quantum solution meets the needs of CFOs for a strategic, end-to-end solution that drives cash flow and cost savings through automation and improved efficiency.
?We are excited to partner with Billtrust’s entire team in creating an enduring leader in the B2B payment cycle management sector.? We see a clear long term secular shift towards process automation software as a strong tailwind for Billtrust to continue delivering on its mission of improving outcomes for AR departments.”
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