Business payments network Bill.com has secured $100 million in financing to bring the company’s total secured funding to north of $200 million.
JPMorgan Chase and Temasek led the round with participation from the lead investors of all previous rounds. The funds are earmarked for business growth and distribution into banks and accounting firms.
“The last chasm to cross in digital payments is business payments,” Bill.com founder and CEO René Lacerte said.
“Eighty per cent of all payments made by U.S. businesses today involve paper checks, and it’s 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.”
In a statement Bill.com said they save businesses up to 50 per cent of the time typically spent on financial back-office operations by taking payments into the cloud and securely automating their AP and AR end-to-end processes. They said more than one per cent of all U.S.-based businesses use the network to pay or to get paid.
Their partners include four of the ten largest U.S. banks, more than half of the top 100 accounting firms, and accounting software providers Intuit and Xero. They are the preferred provider of CPA.com.