Payment Software Giant, Plans $100M IPO

Fintech giant and business payments processing company has filed for an initial public offering to raise $100 million.

It was first reported in June that was planning to go public after an $88 million funding round led by Franklin Templeton Investments, which saw the company valued at $1 billion, making it a unicorn. The firm has raised around $347 million since its launch in 2006.

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According to the filing, mid sized businesses are “underserved by current software solutions... many software providers attempt to sell solutions designed for consumers or enterprises, which struggle to gain traction in the SMB market.” It also stated that small and midsize businesses “generally rely upon antiquated and inefficient processes,” leaving plenty of room for, to address the problem with automation and AI. will trade under the ticker BILL on the New York Stock Exchange, with the IPO being underwritten by Goldman Sachs, BofA Securities, Jeffries, and William Blair.

Founded in 2006, the Palo Alto-based company automates financial processes, which are traditionally manual tasks, like entering and approving bills, making and receiving payments as well as creating invoices for new customers. According to the company’s SEC filing, the firm has more than 81,000 customers that are using its platform “to manage their financial workflows and process their payments.”

This announcement comes as issued a slew of updates, including the implementation of AI-enabled cloud software, elevated customer support services, and a new partnership with Mastercard.’s investors span Fidelity, Silicon Valley Bank and Bank of America.

For the third quarter of 2019, it reported about $35.2 million in total revenue representing nearly 57% year-over-year growth compared to $22.4 million in total revenue for the third quarter of last year. While’s total revenue has grown 71% between the third quarter of 2017 and the third quarter of 2018, it’s growth has slowed down, although that’s not unusual at this stage of the company’s life. was founded by René Lacerte, who also founded PayCycle, which was acquired by Intuit in 2009.