Bill.com, a Palo Alto, CA-based provider of integrated bill payment solutions, closed a $38m financing.
The round, which brought the total amount raised to date to $80m, was led by new investor Scale Venture Partners, with participation from Bank of America, American Express, Fifth Third Bank, Pete Kight, founder of CheckFree, and Commerce Ventures, as well as previous investors August Capital, Napier Park Global Capital, TTV Capital, Jafco Ventures, Emergence Capital and DCM. In conjunction with the funding, Rory O’Driscoll, a partner with ScaleVP, joined Bill.com’s Board of Directors.
The company intends to use the funds to further develop the banking platform, the business payments network, for customer acquisition and investment in the core product features and integration with third-party applications.
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Led by René Lacerte, founder and CEO, Bill.com operates a business payments network, which enables more than 275,000 users to pay and get paid. Its banking platform allows banks to integrate the Bill.com solution with their own platform, enabling them to own the entire cash flow management process, from payables to receivables to cash flow visualization.
The company’s services sync to users’ accounting software and online bank accounts.