Business cash management application Bill.com closed a $15.5m series D funding round on Wednesday with investment from Financial Partners Fund (FPF), a division of financial services firm Citigroup among the backers.
Also participating in the round were venture capital firms Doll Capital Management, August Capital, Jafco Ventures, Total Technology Ventures and Emergence Capital Partners. Bill.com has now raised more than $41m in funding altogether.
Bill.com’s platform works by linking the kind of Excel spreadsheets generally used for accounting by businesses to an online control centre which enables them to pay bills and invoice customers directly.
Steve Piaker, managing director of Financial Partners Fund, said: "Bill.com is helping businesses of all sizes make the transition from time consuming and erroneous paper-based financial systems to a cloud-based system that delivers up to 50 percent gains in time and cost savings. Compared to consumers, businesses have been far slower to adopt this type of technology based on the shortcomings of available tools."
Piaker continued: "Bill.com is bringing the industry up to speed by delivering [software-as-a-service] software that works the way businesses work. We’re excited to invest in such a dynamic company and look forward to supporting René and team as they take their already successful business to the next level."
René Lacerte, chief executive officer of Bill.com, said: "We selected FPF to participate in this round based on their principals’ history of working with payments-focused businesses and their vision of what moving services to the cloud can do for the industry. We feel fortunate to have the opportunity to work with such an experienced team of investors."