Bill.com, a business payments and software platform provider, announced on Thursday it secured $88 million through its latest funding round, which was led by Franklin Templeton with participation from Mastercard and Fidelity Investments Canada ULC. Bill.com describes itself as a leading digital business payments company with a network of 3 million members, managing more than $60 billion in payments annually. The company noted:
“Making it simple to connect and do business, the Bill.com cloud-based Payment Management Platform automates, streamlines, and controls the payments process, saving more than 50 percent of the time typically spent.”
While sharing more details about the company’s development, René Lacerte, CEO and Founder of Bill.com, stated:
“Bill.com is changing how payments are made in the SMB market by defining an industry leading payment and software platform for SMBs. Businesses struggle with conventional payment processes which are complex, manual, paper-based and not always secure. Our cloud payment platform is changing all that. We automate payments and back office business processes resulting in significant efficiencies and cost savings.”
Anthony Hardy, Franklin Templeton, also commented:
“This is the Golden Age of SMB software and B2B payments with a huge market that’s ready for adoption. Bill.com is a clear category leader with a mission to make it simple for businesses to connect and do business, The company has the right SaaS solution, ecosystem partners, significant customer base, and team to scale and capitalize on this significant opportunity.”
Bill.com went on to add that in addition to investments by Franklin Templeton, Mastercard and certain funds managed by Fidelity Investments Canada ULC, other participants in the current round include Kayne Anderson Rudnick, Temasek, Cross Creek, and FLEETCOR. Bill.com has raised more than $275 million to date which has included investments from American Express, Bank of America, and JP Morgan Chase.