Bill.com, a US-based business payments network and banking platform, has secured $50m in a series F round backed by American Express Ventures, the corporate venturing arm of credit card company American Express.
Silicon Valley Bank also joined alongside DCM Ventures, Scale Venture Partners, August Capital, Napier Park Global Capital and Commerce Ventures.
Bill.com has raised $130m to date, previously closing a $38m series E round also backed by American Express Ventures. Financial services providers Bank of America and Fifth Third Bank, Financial Partners Fund, a division of financial services firm Citigroup, as well as Jafco Ventures, Emergence Capital Partners, TTV Capital, Icon Ventures, Doll Capital Management, Total Technology Ventures and West Capital Advisors have also invested in past rounds.
The company, which offers digital payment services to facilitate invoicing and payments for small and medium-sized businesses, will use the fresh funding to scale its business and support growth.
The funding follows Bill.com’s growth by more than 100% to some 600,000 customers in the past year.