Bill.com, a Palo Alto, CA-based business payments network, secured $100m in financing.
The round was led by JPMorgan Chase and Temasek, with participation from existing backers (August Capital, Scale Ventures, Napier Park, DCM, Icon Ventures, Emergence Capital, Silicon Valley Bank and American Express).
The company, which has raised over $200m to-date, intends to use the funds to accelerate adoption of its U.S. payment network and distribution into banks and accounting firms.
Led by René Lacerte, CEO and founder, Bill.com operates a business payments network for businesses to pay or get paid. The company partners with four of the top 10 largest U.S. banks, more than 50 of the top 100 accounting firms, major accounting software providers including Intuit and Xero, and is the provider of digital payments solutions for CPA.com, the technology arm of the American Institute of CPAs (AICPA).
The company has over 2.5m members processing over $50 billion per year in payment volume for over 100,000 customers.