Stampli, a frontrunner in AI-powered accounts payable automation, has made waves in the FinTech world after securing $61m.
The firm has successfully amassed the funding in its Series D venture funding round. This was masterminded by Blackstone, and saw notable contributions from stalwarts like Insight Partners, SignalFire, Bloomberg Beta, and NextWorld Capital.
Stampli, founded in 2015, has rapidly ascended the ranks to become one of the premier providers of accounts payable automation and ePayment services. As of August, the firm processed an impressive one million invoices which cumulatively exceeded $5bn in value.
Whilst the exact deployment of the funds remains under wraps, the sheer magnitude of the AP automation and B2B payments market signals exciting opportunities. Every business, regardless of size, has an accounts payable arm, indicating the vastness of this industry. In 2021, Deutsche Bank Research approximated the US revenue potential of AP automation and ePayments to be around $70bn, with international prospects magnifying this value by three to five times.
Stampli’s AI capabilities have garnered trust from over 1,300 accounts payable automation clients. Known as a game-changer in financial AI, Stampli’s AI addresses invoice capture, expense allocation, fraud detection, and more, ensuring utmost accuracy. This technological prowess comes at a time when CFOs are looking to integrate AI for its myriad benefits, including cost-efficiency and expediting workflows.
Wenspok Companies Controller Amanda Brown shared, “Before we incorporated Stampli, there was apprehension concerning the role of AI. Today, our AI entity, fondly termed ‘Billy the Bot’, is an invaluable member of our team, effortlessly handling intricate tasks.”
Eyal Feldman, CEO and Co-founder of Stampli, commented, “In the present economic landscape, Stampli has emerged as a trusted solution owing to its unparalleled user experience, swift implementation, and robust ERP integration. Our collaboration with Blackstone is born out of shared visions, and together, we aspire to elevate Stampli to unprecedented FinTech heights.”
Prior to this funding round, Stampli’s financial journey saw investments that brought the company’s total capital to an impressive $148m.
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