Silicon Valley company Bill.com, which offers Web-based bill payment, invoicing and cash management solutions for businesses, this morning announced that it has raised $15.5 million in Series D funding, bringing its total raised to over $40 million.
The financing round was led by new investor Financial Partners Fund (a unit of Citi Capital Advisors), with previous Bill.com backers DCM, Emergence Capital Partners, August Capital, Jafco Ventures and Total Technology Ventures participating.
Without sharing specific numbers, Bill.com says it has grown over 300 percent this year, with “tens of thousands of new customers and vendors” joining its network, and now more than $3 billion now under management within the Bill.com platform.
Bill.com integrates with most major accounting and banking systems, including QuickBooks online, Intacct, NetSuite, and Sage Peachtree, along with Google Apps and PayPal Business integration.
August Capital partner David Hornik makes the comparison to Jack Dorsey-led startup Square, pointing out that Bill.com “moves more money than Square each month”. Ok then!
Bill.com, formerly CashView, is an on-demand accounts payable application for CPAs and small and mid-sized businesses. Bill.com users can receive, route and pay invoices electronically. Invoices are emailed, scanned or faxed into the Bill.com service. Digital images of invoices are then routed electronically for approval, ensuring a complete audit trail and eliminating lost or mishandled paper. Users can access digitized supporting documents such as current and past bill images, cleared check images and contracts, at every...
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