Stampli, a key player focused on AI-powered accounts payable automation, today announced that it has raised $61 million in a Series D venture funding round “led by funds managed by Blackstone, with the participation of existing investors Insight Partners, SignalFire, Bloomberg Beta, and NextWorld Capital.”
This latest investment round takes the total amount “raised by the company to over $148 million.”
Accounts Payable automation and B2B payments “represent a massive and largely unpenetrated market.” Put simply, every business has “to pay bills, which means every business has an accounts payable function. Sizing the market opportunity,”
Deutsche Bank Research estimated “in 2021 that AP automation and ePayments combined represent ~$70bn in US revenue opportunity, not including the international opportunity, which they estimated could be ~3-5x larger.”
Launched in 2015, Stampli is today “one of the fastest-growing providers of accounts payable automation and ePayment services.” In August alone, Stampli had reportedly “processed more than 1 million invoices totaling a collective value of more than $5 billion.”
Stampli’s 1,300 accounts payable automation customers trust “its AI with invoice capture, expense allocation, approval routing, fraud detection, and more.”
These activities are the final checkpoint before money “is released, which means there’s zero tolerance for errors or hallucinations.”
This safe and effective use of AI “is significant because today’s CFOs feel immense pressure to embrace AI for faster workflows, lower costs, and fewer mistakes.”
But AI is infamous for issues with data security and unpredictable outcomes. Stampli’s success demonstrates that AI “can succeed even in finance.”
Stampli also provides “a blueprint for CFOs to maintain human validation of critical data as well as to ensure rank-and-file team members accept AI as a partner.”
The efficiency and cost benefits of accounts payable automation are widely known. For CFOs, the overriding concern in choosing a provider is minimizing the disruption of implementation to existing processes and the ERP systems, and ensuring the fastest time to value.
Stampli’s solution is designed specifically “to eliminate implementation risk.”
Stampli builds its ERP integrations in-house “to support the full range of native functionality, allowing customers to implement without reworking their ERP, changing their existing processes, or engaging expensive consultants; in addition, it reduces deployment time to days instead of months.”
Stampli offers its fast implementation “for more than 70 different ERPs, including systems from Sage, Oracle, Microsoft, QuickBooks, SAP, Acumatica, IBM and many others.”
