Financial automation software provider BILL announced Wednesday (Nov. 16) that it has completed its acquisition of SMB financial planning company Finmark.
BILL first revealed the acquisition agreement on Nov. 3, stating at that time that the move to acquire Finmark came as a way to expand BILL’s SMB planning and cash flow analytics capabilities.
“With Finmark’s financial planning software and integrations, combined with our platform and data, we’ll be able to offer SMBs more comprehensive, real-time insight into their cash flow and help them plan for the future,” said Irana Wasti, BILL’s chief product officer.
Small- to medium-sized businesses (SMBs) are continuously looking for ways to innovate financial management and digital capabilities, a trend emphasized in a September PYMNTS report, “Improving Financial Performance: Taking Advantage of Early Payments Discounts.”
That report outlines the importance of utilizing non-payroll financial management, citing that 77% of enterprise Software-as-a-Service firms say that lacking visibility into non-payroll expenses is a huge issue.
But, by offering SMBs a way to automate their financial management, BILL and Finmark are meeting a demand that businesses are clamoring for in order to operate in the most efficient way possible.
“We are thrilled to join BILL as we have long admired their dedication to serving SMBs by helping them automate their financial operations,” said Rami Essaid, CEO and co-founder of Finmark. “With BILL’s all-in-one financial operations platform, distribution ecosystem, and scale, we will be able to help many more SMBs on their digital transformation journey.”
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