Stampli, an U.S.-based fintech that is focused on AI-driven AP automation, announced on Wednesday it raised $50 million through its Series C funding round, which was led by Insight Partners with participation from SignalFire and Nextworld Capital. The latest investment round brings Stampli’s total funding to more than $87 million.
Founded in 2014, Stampli claims to be a “leader in G2 Grid” in AP Automation. The company revealed it has developed an API experience or AP teams, approvers, and vendors that offers clients full control over the invoice “lifecycle” from the officer or home.
“We bring invoices to life by centering communications on top of the invoice issues are quickly resolved and approvals happen 5x faster. Stampli’s AI learns an organizations’ unique patterns to simplify GL-coding, automate approval notifications, and identify duplicate invoices. Stampli fits into any existing P2P process, with support for both PO and non-PO purchases. Stampli makes it seem almost effortless to automate AP.”
Stampli notably processes more than $20 billion invoices annually and was recently named a Top 50 Most Promising Startup in Israel. The company is planning to use the Series C funds for expansion, as well as the growth and development of its products.