Today Bill.com, the largest U.S. business payments network, announced it has secured $100 million in financing with the goal of finally eliminating all paper from business payments.
“The last chasm to cross in digital payments is business payments. Eighty percent of all payments made by U.S. businesses today involve paper checks, and it’s about time we change that,” said René Lacerte, CEO and founder of Bill.com. “Businesses deserve the same digital payment experience we have come to expect as consumers. With this capital, we will double down on our efforts to shift digital payments from early adoption to major, widespread market acceptance.”
“We’re always looking for new, innovative ways to enhance our clients’ experience,” said Ana Capella, Managing Director and Head of Strategic Investments at JPMorgan Chase. “We’re pleased to play a leading role in transforming digital payments for businesses.”
While there is no shortage of digital payment options for consumers, businesses have been left behind. Today, paper checks cost U.S. businesses invaluable time and money that could otherwise be spent in far more productive ways. Bill.com 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.
Today more than 1% 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 over 2.5 million members processing $50 billion in payments annually. With 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, major accounting software providers including Intuit and Xero, and is the preferred provider of digital payments solutions for CPA.com, the technology arm of the American Institute of CPAs (AICPA).
The funds will be used to accelerate Bill.com’s distribution into banks and accounting firms, and to continue the rapid adoption of the Bill.com payment network.
“René and Bill.com saw the digital business payments revolution coming more than 10 years ago and built the only business prepared to meet demand,” said David Hornik, General Partner at August Capital and investor in Bill.com. “I was on board then and am proud to be on board now as Bill.com continues to scale and become the de facto payment network for businesses.”