Taulia, a US-based developer of cloud-based payment software, has extended its series D round by $13m to $40m with funding from BBVA Ventures, the corporate venturing unit of Spain-based bank BBVA Group, and EDBI, the investment group of Singapore’s Economic Development Board.
In July, Taulia initially closed its D round at $27m from QuestMark Partners, which led the round, Trinity Ventures, Matrix Partners, Lakestar and Dag Ventures.
Founded in 2009, Taulia has now raised $70m in total. The company received $18m in 2013 from phone operator Telus, Matrix, Trinity, Lakestar and Dag, and $17.7m across three rounds from 2010 to 2012.
Taulia provides cloud-based invoicing technology to companies eager to cut the amount of time it takes to pay suppliers. Those suppliers can take the option to secure accelerated payment through Taulia in return for a 10% fee that Taulia splits with its corporate clients.
Thomas Whiteaker, executive director at BBVA Ventures, said: “Taulia’s business model is unparalleled in supply chain finance. Not only is it 100% automated, but it could save buyers millions annually and gives suppliers better access to working capital. Traditionally small suppliers have needed to rely on a combination of more expensive factoring and lending options to meet their capital needs, Taulia is replacing both.”
Swee-Yeok Chu, CEO and president of EDBI, added: “Singapore is ideally positioned with our strong regional supply chain and financial hub status to support the company.”