Bill.com

Bill.com, Inc.
Private
Industry Technology
Founded Palo Alto, California
Headquarters Palo Alto, California
Key people
 Rene Lacerte (CEO)
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,[1] by businesses, accounting firms and banks. Bill.com works with third-party accounting packages 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.[2]

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.[3][4] PNC Bank uses Bill.com in its online services for small businesses, including its Cash Flow Insight product that syncs with QuickBooks.[5]

Funding

The company has received $200 million in funding to date. The most recent funding round for $100 million was in September 2017 and was led by J.P. Morgan Chase and Temasek Holdings. [6]

Adoption and Impact

Bill.com helps over 3 million network members process over $52 billion in payments per year. Four of the top ten U.S. banks and 60 of the top 100 accounting firms rely on Bill.com as their primary payments solution.[7]

Mercantile Bank of Michigan uses Bill.com as part of its BillPay+ product.[8] In November 2013, the company updated its payment platform to allow banks to resell its services.[9]

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.[10]

In 2018, Bill.com was named as one of San Francisco Business Times’ Best Places to Work. [11]

References

  1. ↑ Root, Darren (December 2012). "Rene Lacerte: One on One with a Fourth-Generation Entrepreneur". CPA Practice Advisor, pg. 6, volume 22, number 12
  2. ↑ Yakal, Kathy (January 16, 2014). "Bill.com". PC Magazine
  3. ↑ Adams, John (April 11, 2014). What Bank of America is Building on Bill.com's Technology. PaymentsSource
  4. ↑ "Bank of America Merrill Lynch Introduces CashPro BillPay". Bank of America Merrill Lynch
  5. ↑ Wisniewski, Mary (February 24, 2014). "PNC Upgrades Small-Biz Digital Tools". American Banker
  6. ↑ Business Insider (October, 2017) “Bill.com is the latest fintech heavyweight, with a $742.8 million valuation and big-name backers”. Business Insider
  7. ↑ citation needed
  8. ↑ Adams, John (May 1, 2012). "Mercantile Bank's Single Sign-In Simplifies Small Business Banking". American Banker
  9. ↑ Sposito, Sean. (November 6, 2013). "Bill.com Updates Banking Platform". American Banker
  10. ↑ CNBC (April, 2014). "CNBC Disruptor 50: Bill.com, Online bill payments tool". CNBC
  11. ↑ Silicon Valley Business Journal (April, 2018). “Meet the Best Places to Work in the Bay Area 2018”. Silicon Valley Business Journal
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