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.