Accounts payable (AP) automation company Stampli landed $50m in a Series C funding round led by Insight Partners, bringing its total funding to more than $87m.
The round also saw participation from SignalFire and Nextworld Capital, which joined UpWest, Hillsven, Bloomberg and Naver Corp. As part of this funding round, Insight Partners managing director Praveen Akkiraju will join Stampli’s board.
The firm, which enables CFOs and controllers to close the disconnect between accounts payables and the broader organisation, automates the accounts payable operation process by bringing together accounts payable communications, documentation and payments in one dashboard. The Stampli AP Automation and collaboration platform makes it easy for AP teams to work with the rest of the organisation to allocate cost, verify invoice terms and receiving status, obtain approvals and pay invoices.
Stampli addresses the entire invoice process by centralising all invoice-related communications, documentation and history by providing a collaborative workspace for accounts payable teams and approvers to make smarter, faster invoice and payment decisions.
In addition, Stampli’s system integrates with current workflows and connects with financial systems such as SAP, Microsoft Dynamics, QuickBooks, Sage Intacct and NetSuite.
So far, Stampli has about 1,000 customers and has managed $20bn in transactions.
Commenting on the funding, Stampli co-founder and CEO Eyal Feldman said, “In 2021, building a digital-first, modern finance organization is the top priority for CFOs and controllers. As CFOs take on more strategic responsibilities for the organization, the importance of digital transformation and collaboration across business processes, such as AP, has been raised to new levels.”
Feldman added that while paying vendors on time is the end goal, confirming which invoices should be paid and when is one of the most critical responsibilities of accounts payable and that’s what Stampli aims to solve.
Its AI, Billy the Bot, learns an organisation’s unique patterns to simplify general ledger and costing-related coding, automate approval and verification flows, identify duplicate invoices and reduce time spent on manual data entry.
Stampli also offers a functionality named Stampli Direct Pay that lets firms make invoice payments from within the Stampli system through automated clearing house or check by the way of their bank accounts.
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