US-based business payments software provider Bill.com received $88m on Tuesday in a funding round led by investment manager Franklin Templeton that included payment services provider Mastercard and payment product supplier Fleetcor.
Fidelity Investments Canada, a branch of investment and financial services group Fidelity, also took part in the round, alongside boutique investment firm Kayne Anderson Rudnick, venture capital firm Cross Creek and Singaporean state-owned investment firm Temasek.
Bill.com runs a cloud payment platform designed for use by small and medium-sized businesses (SMBs). It has 3 million registered users and is intended to streamline the payment process by automating parts of it and controlling payments from a single place.
The round took Bill.com’s total funding to more than $275m, it said, and the round valued it at more than $1bn according to Forbes.
Financial Partners Fund (FPF), a subsidiary of financial services firm Citigroup, joined DCM Ventures, August Capital, Jafco Ventures, Emergence Capital Partners and TTV Capital to provide $15.5m for the company in 2011.
Bill.com added $38m in 2013, from American Express Ventures, the VC arm of payment services firm American Express, as well as financial services firms Bank of America and Fifth Third Bank, TTV, August Capital, Emergence Capital, DCM, Jafco, Scale Venture Partners, Commerce Ventures, Napier Park Global Capital, Silicon Valley Bank (SVB) and Pete Kight.
American Express Ventures, SVB, Scale Venture Partners, August Capital, Napier Park, DCM and Commerce Ventures invested a further $50m in Bill.com through a 2015 series E round, and it secured $100m in a late 2017 round co-led by Temasek and financial services firm JPMorgan Chase.
René Lacerte, Bill.com’s founder and CEO, said: “Bill.com is changing how payments are made in the SMB market by defining an industry leading payment and software platform for SMBs. Businesses struggle with conventional payment processes which are complex, manual, paper-based and not always secure.
“Our cloud payment platform is changing all that. We automate payments and back office business processes resulting in significant efficiencies and cost savings.”
