Bill.com

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Not to be confused with Bills.com.
Bill.com Holdings, Inc.
TypePublic
IndustryTechnology
Founded2006; 15 years ago (2006)
HeadquartersSan Jose, California, U.S.
Key people
Rene Lacerte (CEO)
Websitebill.com

Bill.com is a provider of cloud-based software that automates back-office financial operations for small and midsize businesses. The Bill.com platform connects businesses with their suppliers and clients to help them manage their cash inflows and outflows. Top competitors include Tipalti and .

Bill.com partners with the largest U.S. financial institutions[citation needed], over 70% of the top 100 U.S. accounting firms[citation needed], leading accounting software packages including Oracle NetSuite, Sage Intacct.,[1] QuickBooks and Xero, and is the preferred provider of digital payments solutions for CPA.com, the technology subsidiary of the American Institute of CPAs (AICPA).[2]

A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem. Current customers include JPMorgan Chase Commercial Bank, Wells Fargo ,Commerce Bank, and First National Bank of Omaha. Bank of America and PNC also use Bill.com as part of their payments technology offerings.[citation needed]

As of 2019, the company has offices in San Jose, California and Houston, Texas.[3]

Funding[]

Bill.com has received $275 million in funding to date which brings the company's valuation to over $1 billion.[citation needed] The most recent funding round for $88 million was in April 2019 and was led by Franklin Templeton.[4]

In December 2019, Bill.com raised an additional $216 million in funding through an IPO at a valuation of $1.6 billion.[5] The company's stock surged more than 60% on its first day of trading.[6]

Adoption and Impact[]

In October 2019, Bill.com introduced new capabilities to help mid-market companies automate their AP/AR functions.[7]

In September 2019, Bill.com announced that it supports international payments to 137 countries and 106 currencies.[8]

In May 2019, Bill.com introduced the Bill.com Intelligent Business Payments Platform which uses artificial intelligence to provide end-to-end workflow automation to streamline the payments process.[9]

In conjunction with its investment in Bill.com, Mastercard and Bill.com announced a partnership to offer faster, automated payments for small and midsize businesses. The two plan to offer Mastercard virtual cards as part of the Bill.com automated accounts payable solution which adds a new electronic alternative to checks as Bill.com continues to digitize payments.[10]

In February 2019, Bill.com and American Express announced a strategic partnership with a new offering: American Express "Vendor Pay" by Bill.com to help automate accounts payable (AP) processes with the ability for businesses to seamless pay vendors with their American Express Business or Corporate Card, without the hassle of setting up a new Card account.[11] In the same month, Bill.com opened its second office in a 25,000 square foot office space in Houston, Texas.[12]

In November 2018, Bill.com announced a partnership with First National Bank of Omaha (FNBO) to offer the bank's customers digital back office automation with digital business payment services. This partnership makes FNBO one of the first regional banks to offer small and commercial business customers digital accounts payable (AP) and accounts receivable (AR) capabilities to help them save time and get paid faster.[13]

In July 2018, Bill.com introduced International Business Payments, which enables customers to make electronic payments to vendors in 40+ countries, including India, China and the Eurozone. Payments can be made in both U.S. dollars or 24 local currencies.[14] In February 2019 Bill.com announced it had eliminated wire transfer fees for payments made on this platform.[15]

In 2018, Bill.com was named as one of San Francisco Business Times’ Best Places to Work[16] and Bill.com CEO, Rene Lacerte was named on the San Francisco Business Times' Upstart 50.[17]

References[]

  1. ^ Yakal, Kathy (January 16, 2014). "Bill.com". PC Magazine
  2. ^ "Bill.com | CPA.com". www.cpa.com. Retrieved 2021-01-16.
  3. ^ Feser, Katherine. "Bill.com selects Houston for Office Expansion". Chron. Retrieved 2020-05-10.
  4. ^ Fuscaldo, Donna. "Bill.com Raises $88 Million At A More Than $1 Billion Valuation". Forbes. Retrieved 2019-04-19.
  5. ^ "Bill.com's IPO pricing is good news for unprofitable startups". TechCrunch. Retrieved 2019-12-12.
  6. ^ Fuscaldo, Donna. "Bill.com's Stock Takes Off On IPO Day". Forbes. Retrieved 2019-12-12.
  7. ^ PYMNTS (2019-10-17). "Bill.com Enhances AR With AP In Platform Update". www.pymnts.com. Retrieved 2021-03-14.
  8. ^ PYMNTS (2019-09-25). "Bill.com Sees 200+ Pct. Increase In Transactions". www.pymnts.com. Retrieved 2021-03-14.
  9. ^ https://venturebeat.com/2019/05/22/bill-ai-payments-platform/
  10. ^ Marks, Gene. "Visa Gives Gig Workers A New Way To Get Paid...And Other Small Business Tech News This Week". Forbes. Retrieved 2019-04-19.
  11. ^ "American Express Teams Up With Bill.com to Launch Vendor Payment Processor "Vendor Pay"". Crowdfund Insider. 2019-02-05. Retrieved 2019-04-19.
  12. ^ Calvey, Mark (2019-02-26). "Bay Area real estate tech startup expands further into Texas". San Francisco Business Times. American City Business Journals. Retrieved 2019-04-19.
  13. ^ "Bill.com enters digital business payment deal with First National Bank of Omaha". www.mobilepaymentstoday.com. 2018-11-28. Retrieved 2019-04-19.
  14. ^ "Bill.com launches international business payments – FinTech Futures". www.bankingtech.com. Retrieved 2019-04-19.
  15. ^ "Bill.com eliminates wire transfer fees for business payments in local currencies". www.mobilepaymentstoday.com. 2019-02-20. Retrieved 2019-04-19.
  16. ^ Silicon Valley Business Journal (April, 2018). “Meet the Best Places to Work in the Bay Area 2018”. Silicon Valley Business Journal
  17. ^ Truong, Kevin (2018-09-06). "Meet the members of 2018's Upstart 50". San Francisco Business Times. American City Business Journals. Retrieved 2019-04-19.

External links[]

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