Payment startup Bill.com raised USD38 million from a new round of funding led by Scale Venture Partners. Bank of America, Fifth Third Bank, American Express, Commerce Ventures, CheckFree founder Pete Knight, and other investors also participated in this round. This was according to a report published by VentureBeat.
Bill.com is a bills payment and invoicing startup that was founded in 2006. The company is currently based in Palo Alto, California. To date, it has raised a total of USD80 million in funding. The company developed a cloud-based system for safe and convenient electronic bills payment, making way for paperless money transactions, the report said.
The startup said about 80% of businesses today still use paper. So, Bill.com sees a lot of room for its growth and expansion. The company planned to use the new capital to develop its banking platform and payments network. The firm would also gain more clients and integrate with more third-party applications, VentureBeat reported.
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