Chargebee, a subscription billing and revenue solution, has scored $55m in its Series F round.
The investment was led by Insight Partners, with commitments coming from previous backers. It did not name the return investors.
This funding round comes off the back of a surge in usage for its platform, which has been caused by startups and enterprises increasing their usage of subscription services.
Proceeds of the round will enhance the company’s product and integration ecosystem so businesses can experiment and launch their own subscription services.
Chargebee offers a subscription platform that enables clients to automate the collection of subscriptions billing, invoicing, payments and tax management processes. Its clients include Okta, Pret a Manger, and Envoy.
Currently, the company has more than 2,500 clients around the world and helps to process more than $3bn in revenue.
Insight Partners vice president AJ Malhotra said, “Even beyond SaaS and software, we’re seeing a global movement where businesses from cars to coffee pods are launching and scaling with a subscription-first model. The need for an underlying revenue platform that allows businesses this degree of adaptability is paramount today. We’re excited to be partnering with Chargebee in this space.”
The FinTech has raised a total of $105m in funding since it was founded in 2011. The company did not release the details of a Series E, but its Series D round closed last year on $14m. Investors to the round included Steadview Capital, Insight Partners and Accel.
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