Bill.com, a US-based business payments network and banking platform, has closed $38m in financing led by new investor, venture capital firm Scale Venture Partners, with the participation of Bank of America, credit card company American Express, Fifth Third Bank, Commerce Ventures, angel investor Pete Kight (founder of CheckFree) and Bill.com’s previous investors, August Capital, Napier Park Global Capital, TTV Capital, Jafco Ventures, Emergence Capital and DCM. As part of the investment, Rory O’Driscoll, a partner with ScaleVP, has joined the Bill.com board of directors.
Bill.com has raised $80m to date.
The funds will be used for further investment in Bill.com’s banking platform ; acceleration of its business payments network; customer acquisition; and investment in the core product features and integration with third-party applications.
Rory O’Driscoll, partner, Scale Venture Partners, said: “Customers who use the product rave about it. It allows them to get a direct handle on cash, which is the lifeblood of any business.”
Harshul Sanghi, managing partner, American Express Ventures, said: “As more and more SMBs begin to transition their operations online, we believe the company is well positioned to be a significant partner to their customers in managing their business on a daily basis.”
René Lacerte, founder and CEO, Bill.com, said: “”I started Bill.com because, as a CEO, I felt the pain of managing cash flow. I am extremely proud that we have automated this manual process for businesses large and small all over the U.S.”