Business payments company Bill.com has secured $100m in funding to digitize business payments.
The latest funding, which helped the company raise $200m till date, was led by JPMorgan Chase and Temasek. It also includes participation from the existing investors including August Capital, Scale Ventures, Napier Park, DCM, Icon Ventures, and Emergence Capital.
The company intends to use the funds to improve its distribution into banks and accounting firms as well as continue the adoption of its payment network.
Bill.com brings payments into the cloud and securely automates an AP and AR end-to-end process which saves businesses up to 50% of the time that is spent on financial back-office operations.
Bill.com CEO and founder René Lacerte said: “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. 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.”
The company currently serves over 2.5 million members processing $50bn in payments annually in the US. More than 1% of all US businesses use the firm’s network for payment transactions.