Bill.com, a payment and invoicing service startup, has raised a fresh $38 million round of funding, the company announced today.
The startup has developed a cloud-based system to make it safe and easy for businesses to adopt electronic payments, thus eliminating the need to manage all the cumbersome paperwork associated with billing, invoicing, and managing money. The startup estimates that about 80 percent of businesses are still using paper, as VentureBeat previously reported. That means there should be plenty of room for Bill.com to expand.
The new round of funding was led by Scale Venture Partners, with participation from Bank of America, American Express, Fifth Third Bank, Pete Kight, founder of CheckFree, Commerce Ventures, and other previous investors. (So clearly, this is something the banking industry is interested in.) Under terms of the new investment, ScaleVP partner Rory O’Driscoll will join Bill.com’s board.
The startup said it plans to use the new capital to grow Bill.com’s banking platform, its payments network, gain additional customers, and add more integration with third-party applications.
Founded in 2006, the Palo Alto, Calif.-based startup has raised a total of $80 million in funding to date.