Billtrust, a Hamilton, NJ-based provider of a payment cycle management platform, raised $50m in funding.
The round was led by Riverwood Capital Management. In conjunction with the funding, Francisco Alvarez-Demalde, founding partner at Riverwood Capital Management, will join Billtrust’s board of directors.
The company will use the funds to strategically grow into adjacent markets, continue to innovate the products and services available in their Quantum Payment Cycle Management solution and expand their global presence.
Founded in 2001, by Flint Lane, CEO, Billtrust provides a payment cycle management platform, enabling clients to automate and accelerate their accounts receivable (AR) processes to increase cash flow, improve operational efficiency and increase customer satisfaction.
– integration with any existing ERP system,
– tailored invoice delivery for every customer,
– secure, multi-channel invoice payment options, and
– Intelligent cash application to eliminate manual invoice and payment matching.
Since its inception, Billtrust has complemented its organic growth strategy with five acquisitions over the last six years.