Bill.com, a Palo Alto, CA-based business payment network, secured $50m in funding.
Backers included Silicon Valley Bank, DCM Ventures, Scale Venture Partners, August Capital, Napier Park Global Capital, American Express Ventures and Commerce Ventures.
The company, which has now raised over $100m, intends to use the funds to continue scaling operations.
Led by René Lacerte, founder and CEO, Bill.com provides a suite of digital payments solutions to facilitate bill payment and invoicing processes. It is used by three national banks to deliver A/P and A/R management solutions to their customers and by 35 accounting firms to maintain financial control of their clients’ payments and receivables.
In the past 12 months, the company has grown its network to over 600,000 members moving over $19 billion annually. It recently introduced a number of innovative product offerings including Bill.com Fast Pay, Bill.com Payments for NetSuite, and Intacct Sync 2.0.