Bill.com, a US-based payment processing network backed by payment services firm American Express, raised $100m yesterday in a round co-led by financial services firm JPMorgan Chase and Singaporean state-owned firm Temasek.
The company did not directly identify the round’s other participants, stating only that it included the lead investors from all of its earlier rounds. The round, which took Bill.com’s total funding to approximately $230m, valued it at $743m, according to Pitchbook estimates.
Bill.com operates a processing network for business payments that is used by its 2.5 million members to process some $50bn of payments a year. The platform, which links to several large banks, can help its corporate customers save time compared to in-house operations.
René Lacerte, founder and chief executive of Bill.com, said: “The last chasm to cross in digital payments is business payments. 80% of all payments made by US businesses today involve paper cheques, and it is about time we change that.
“Businesses deserve the same digital payment experience we have come to expect as consumers. With this capital, we will double down on our efforts to shift digital payments from early adoption to major, widespread market acceptance.”
American Express Ventures, the strategic investment arm of American Express, took part in a $38m round for Bill.com in 2013 that included financial services firms Bank of America and Fifth Third Bank.
Scale Venture Partners, Commerce Ventures, August Capital, Napier Park Global Capital, Silicon Valley Bank (SVB), TTV Capital, Jafco Ventures, Emergence Capital, DCM and angel investor Pete Kight also backed the 2013 round.
DCM, Scale Venture Partners, August Capital, Napier Park and Commerce Ventures subsequently joined American Express Ventures and Silicon Valley Bank for the company’s $50m series E round in early 2015.
Bill.com had previously raised $15.5m from Financial Partners Fund (FPF), part of financial services firm Citigroup, as well as DCM, August Capital, Jafco Ventures, Emergence Capital Partners and TTV in 2011.