Bill.com, the largest U.S. business payments network, has secured an additional $100 million in financing — led by JPMorgan Chase and Temasek.
Bill.com will utilize the funds to accelerate Bill.com’s distribution into banks and accounting firms, and the adoption of the Bill.com payment network. The total amount secured by Bill.com to-date reached over $200 million.
“Eighty percent of all payments made by U.S. businesses today involve paper checks, and it’s about time we change that,” said Rene Lacerte, CEO and founder of Bill.com.
Bill.com said it saves businesses up to 50 percent of the time typically spent on financial back-office operations by bringing payments into the cloud and securely automating their AP and AR end-to-end processes.
More than 1 percent of all U.S. businesses use the Bill.com network to pay or get paid. The Bill.com network is the largest business payment network in the U.S., with 2.5 million members processing $50 billion in payments annually.
Bill.com has over 100,000 customers. Bill.com partners with four of the top 10 largest U.S. banks, more than 50 of the top 100 accounting firms and major accounting software providers including Intuit and Xero. It’s the preferred provider of digital payments solutions for CPA.com, the technology arm of the American Institute of CPAs (AICPA).
Bill.com is headquartered in Palo Alto, California and is backed by Temasek, August Capital, Scale Ventures, Napier Park, DCM, Icon Ventures, Emergence Capital, Silicon Valley Bank and American Express with $200 million in funding.