Bill.com recently raised $88 million in venture funding, now securing top unicorn status within the industry. Following this news, the business payments platform also announced its partnership with Mastercard.
Successful Round of Funding
The business payments company announced its success with being able to raise funding for its technology. Valued at more than $1 billion, investments in the company were reportedly spearheaded by Franklin Templeton, reports Forbes.
Apart from this primary investor, other notable corporations who invested in the company include Cross Creek, Fidelity Investments Canada ULC, FLEETCOR, Kayne Anderson Rudnick, Mastercard, and Temasek.
According to Forbes, the recent round of funding which was achieved by Bill.com comes at a crucial time in history. Through these investments, small businesses are expected to reach greater heights, particularly with help from traditional financial services companies in the field.
What the Company Does
Founded in 2006, Crunchbase states that Bill.com specializes in streamlining business payments. The company caters to small and medium-sized enterprises in the market. Through its payment management platform, the company is able to provide its users with a more efficient and automated payment processing method using its cloud-based system. Under their offerings, businesses will no longer have to deal with paper checks and paper invoices.
According to CrunchBase, the company believes that customers availing of its technologies and solutions are significantly saving time and operation costs. As of writing, Pymnts notes that the corporation is raking in almost 3 million customers, which helps manage more than $60 billion a year in payments.
Bill.com’s partnership with Mastercard will help speed up its desired reach. Through Mastercard, customers who are using Bill.com will be given virtual cards which can help small and medium-sized business owners pay and get paid at a faster and more efficient timeframe.