Bill.com, a Palo Alto, CA-based business payments and software platform leader, raised $88M in funding.
The round was led by Franklin Templeton with participation from Mastercard, Fidelity Investments Canada ULC, Kayne Anderson Rudnick, Temasek, Cross Creek and FLEETCOR.
The company, which has raised more than $275M to date, intends to use the funds to continue to expand operations and business reach.
Led by René Lacerte, CEO and Founder, Bill.com provides a cloud payment platform that automates payments and back office business processes. The company currently manages more than $60B in annual payment volume and has partnerships with the largest U.S. financial institutions, more than 70 of the top 100 accounting firms, major accounting software providers including NetSuite, Intacct, QuickBooks and Xero, and is the preferred provider of digital payments solutions for CPA.com, the technology arm of the American Institute of CPAs (AICPA).