Online Biller Nets $15.5 Million in New Financing
Dec. 12, 2011
Bill.com, a Palo Alto, Calf.-based integrated bill payment, online invoicing and cash management solutions provider, recently completed a $15.5 million Series D funding round. The most recent round included new investor Financial Partners Fund (FPF), a unit of Citi Capital Advisors, and existing Bill.com investors including DCM, Emergence Capital Partners, August Capital, Jafco Ventures and Total Technology Ventures. “I’ve worked closely with numerous financial services companies, and I believe that what Bill.com has built over the past five years is game changing,” said Steve Piaker, managing director, Financial Partners Fund. “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. Bill.com is bringing the industry up to speed by delivering SaaS software that works the way businesses work.” Bill.com said it will use the additional capital to scale operations in support of continued customer growth and for product development and marketing purposes.