You are here

Payments Company Bill.com Receives $100 Million Investment

Payments Company Bill.com Receives 100 Million Investment
Share:

Payments company Bill.com has been successful in generating funding worth $100 million. JP Morgan Chase & Co. and Temasek Holdings led the investment. Bill.com is headquartered in Palo Alto and helps enterprises in digitizing their payments.

The investment round also saw existing investors of Bill.com participate. According to the company, it will use the proceeds from this funding to expand its distribution network.

Last month, Bill.com announced its strategic alliance with JP Morgan to help enterprise clients in sending and receiving electronic payments. Thus, this news of JP Morgan being an investor does not come as a surprise.

Bill.com is said to be one of the youngest technology companies to have revolutionized the entire financial services sector by leveraging technology.

When analyzing B2B payments in United States, it has been very slow to adapt to new technologies. What is even more surprising is the fact that in 2016 more than 50 percent of businesses made financial transactions through check, according to statistics revealed by the Association for Financial Professionals.

The technology of Bill.com sits on top of websites of banks and accounting software providers, making it easier and faster for businesses to do digital financial transactions. At the moment they have a customer base of close to 100,000, which contribute to 1 percent of businesses in the United States.

CEO and Founder of Bill.com Rene Lacerte indicated that the company will also use the funding for product enhancement in the product roadmap that it has planned. Lacerte added, “Examples would be international payments.”

Bill.com presently processes $50 billion in payments a year and has key affiliations with companies like Intuit and Xero.


Share:
Anirudh Menon
Anirudh Menon
I have adorned multiple hats during my professional journey. My experience of 14 years comes in areas like Sales, Customer Service and Marketing. My journey as a professional writer started 5 years back, when I started writing for an in-house magazine for my employer. Having successfully delivered many in-house projects, it encouraged me to take my skill to the world. As on day, I have written articles, blogs website content for various industries like Information Technology, Start-up, Retail and Government. The subjects that I have covered range from Digital Marketing, SAP Cloud Platform, Cloud Computing, Content Marketing , Politics. Enhancement is a process and I constantly thrive to add more subjects in my portfolio. Over and above content writing, I also train language and communication to students who want to brush up their speaking skills. I am a part time trainer for IELTS coaching and also work as a budding voice over artist.

    Similar Articles

    Leave a Reply

    Additional Resources to Download

    Top
    Want to stay up-to-date with news and information from TechFunnel.com?

    Subscribe Now