JPMorgan Chase, Temasek invest in Bill.com's paperless strategy
Bill.com's efforts to crack one of the last bastions of paper checking with automation has drawn a fresh $100 million investment round.
JPMorgan Chase and Temasek led the investment, which also included previous investors and boosts Bill.com's total funding to date to more than $200 million.
Bill.com has long sold payments automation into the B-to-B market, where automation has been held back by inertia and a wish among some businesses for longer payment windows.
Most recently, Bill.com collaborated with Intuit to bring vendor payments closer to accounting for small business users. It also built a portal that resembles online consumer banking to make the user experience easier for business payments.
With its new investment, Bill.com hopes to add resources to its expansion efforts—the company presently has about 2.5 billion businesses in its network, and make a greater dent in the large amount of paper that lingers in its target market.
"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 Rene Lacerte, CEO and founder of Bill.com, in an Oct. 10 release.