Type Private Founded Palo Alto, California Key people Rene Lacerte (CEO) | Industry Technology Headquarters Palo Alto, California Website www.bill.com | |
Bill.com is a US-based cash flow management software system, provided as a software as a service that integrates with accounting and banking systems. It is intended to serve as a command and control dashboard for cash flow, by businesses, accounting firms and banks. Bill.com works with third-party accounting package such as QuickBooks, not as a standalone product. Bill.com offers sync or integration with accounting software packages such as QuickBooks, Xero, NetSuite, and Intacct.
Contents
The product is also widely used by banks to offer online banking services to businesses. Bank of America Merrill Lynch uses Bill.com for payments technology in their CashPro BillPay product. PNC Bank uses Bill.com in its online services for small businesses, including its Cash Flow Insight product that syncs with QuickBooks.
Funding
The company has received $122.6 million in funding. The most recent funding round for $50 million was in February 2015. American Express Ventures, August Capital, Commerce Ventures, DCM Ventures, Napier Park Global Capital, Scale Venture Partners, Rory O'Driscoll and Silicon Valley Bank participated in the round. - See more at: http://www.cnbc.com/2015/02/11/billcom-raises-50-million-for-cloud-invoicing.html
Adoption and Impact
Bill.com helps over 600,000 network members process over $19 billion in payments per year. Three of the top ten U.S. banks and 35 percent of the top 100 accounting firms rely on Bill.com as their primary payments solution.
Mercantile Bank of Michigan uses Bill.com as part of its BillPay+ product. In November 2013, the company updated its payment platform to allow banks to resell its services.
Bill.com is one of a large number of vendors that is trying to help small businesses become more efficient. One of the goals of these vendors is to reduce the level of paper being used by businesses. CNBC listed Bill.com as 37th on their list of 50 business disruptors of 2014 for the company's impact on eliminating paper in SMBs.