Payments Software Firm Is Planning to Raise $100 Million via an IPO

Payment software firm is planning to raise $100 million through an initial public offering (IPO), according to a recent filing with the US Securities and Exchange Commission (SEC).

Established in 2006 by PayCycle co-founder René Lacerte, provides cloud-based business payments and offers a software platform that’s designed specifically for the SMB market.’s clients include Gusto, Thumbtack, Dialpad, and several accounting companies.

The California-headquartered firm has raised around $347 million since its launch. In April 2019, raised $80 million via an investment round led by Franklin Templeton Investments, which made it a unicorn. Temasek Holdings and DCM Ventures also took part in the round.’s investors also include MasterCard, Fidelity, Silicon Valley Bank and Bank of America.

During its April 2019 fundraise,’s management noted that the platform had over three million members who were either paying other merchants or were receiving payments via’s platform. The company also revealed at the time that it handled over $60 billion in yearly payments. According to’s SEC filing, the firm has more than 81,000 customers that are using its platform “to manage their financial workflows and process their payments.”

Goldman Sachs, BofA Securities, Jeffries and William Blair have been listed as underwriters for’s IPO. Pricing terms for the public offering have not been shared publicly. The firm’s shares will be tradable on the New York Stock Exchange (NYSE) under the ticker “BILL.”

During Q3 2019, generated around $35.2 million in revenue, which is notably a 57% year-over-year growth when compared to $22.4 million in revenue for the same time period last year.’s total revenue has increased 71% between Q3 2017 and Q3 2018.

The company has significantly increased its sales and marketing expenditure. It spent $32.3 million on marketing during Q3 2019. reported around $5.7 million in total losses during Q3 2019, which is up 544% from the same time period last year.

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