US PayTech Bill.com raises $88m funding round

Business payments software platform Bill.com has raised $88m in a funding round lead by Franklin Templeton, bringing its total amount raised to $275m.

The US-based investment firm was joined in the round by Mastercard, Fidelity Investments Canada ULC, Kayne Anderson Rudnick, Temasek, Cross Creek and FLEETCOR.

Bill.com manages more than $60bn in payments each year, with a network of 3 million members.

The company’s cloud-based payment management platform automates the payments process and takes less than half the time typically needed, it said in a statement.

Bill.com said more than 70 of the top 100 US accounting firms use platform to help their clients automate their accounts receivable and accounts payable processes.

Back in 2017, the Palo Alto-based start-up raised $100m in a round led by JP Morgan Chase and Temasek, featuring participation from August Capital, Scale Ventures, Napier Park, DCM, Icon Ventures, Emergence Capital, Silicon Valley Bank and American Express.

“This is the Golden Age of SMB software and B2B payments with a huge market that’s ready for adoption. Bill.com is a clear category leader with a mission to make it simple for businesses to connect and do business,” said Franklin Templeton research analyst Anthony Hardy.

“The company has the right SaaS solution, ecosystem partners, significant customer base, and team to scale and capitalize on this significant opportunity.”

Earlier this week, government-focused digital payments startup PayIt picked up more than $100m from Insight Venture Partners.

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