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Investors are going crazy for financial tech companies, and on Tuesday Bill.com became the latest company to benefit from the feeding frenzy.
The Palo Alto, Calif. startup announced $100 million in new funding, in a round led by JPMorgan Chase — the largest bank in the US — and Temasek, a private holding company owned by the government of Singapore.
Funding - Bill - Com - Market - Valuation
With the latest funding, Bill.com now has a private market valuation of $742.8 million, according to PitchBook's estimates, putting Bill.com among the upper ranks of richly valued startups.
The eleven-year old startup, which is seeking to replace paper checks, has raised $200 million in total funding. And it is creeping closer to the so-called "unicorn" club of startups that have a $1 billion or more valuation, including fintech companies such as Stripe and Robinhood.
Valuation - Estimates - Bill - Com - Round
The last public valuation estimates for Bill.com was $164 million in a 2013 round of funding — though the company has raised several rounds of funding at undisclosed valuations since then.
A complex task
Bill - Com - Founder - Rene - Lacerte
Bill.com founder Rene Lacerte says that JP Morgan was the perfect investor for his company's current phase.
"For me it's about having partners that buy into the strategy and execution that I have," Lacerte told Business Insider in an interview on Tuesday.
Bill - Com - Customers - Claims - %
Bill.com has 100,000 customers and claims that over 1% of all US businesses have used its service to either pay or to get paid, with $50 billion in payments processed annually.
Among its offerings, Bill.com enables customers to send and receive electronic payments and invoices, store those documents electronically, and sync that information with accounting software. Banks can integrate its software into their digital banking interfaces for business customers to use, while other businesses can use the software directly to manage their payments.
Consumer - Payments - Business - Payments
"Consumer payments are simple. Business payments are complex. If...
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