Billtrust’s Big Fundraising Payday

Just weeks after cash flow management solution provider Billtrust released new insights into the benefits of supply chain financing solutions, the firm announced a new round of financial support from investors that suggests the industry is warming to the emerging industry of digital invoicing and innovative payment options.

Billtrust announced Wednesday (April 15) that it secured $25 million in funding spearheaded by Goldman Sachs Private Capital Investing, as well as Bain Capital Ventures. According to reports, the funds will focus on growing the business with particular attention paid to strategic acquisitions.

“Both Goldman Sachs and Bain Capital Ventures share our vision to transform B2B invoicing and payments,” Billtrust CEO and founder Flint Lane said in a statement, while Goldman Sachs’ Vice President of Private Capital Investing, Antoine Munfa, echoed Billtrust’s efforts to champion the benefits of e-invoicing for SMEs. “Billtrust is the clear industry leader in transforming the invoice-to-cash process,” he said. “They are competing in an emerging space where Billtrust’s integrated solution has begun to dominate the market.”

While it is unclear which assets Billtrust is potentially eyeing for acquisition, the company has made several strategic purchases in recent years, including that of Best Practice Systems and Open Scan Technologies.

Goldman Sachs’ financial backing of the firm suggests investors are paying attention to rising trends of businesses taking advantage of financing programs. A recent survey from the firm revealed that businesses prioritize customer satisfaction when determining their bill payment strategies, with companies also taking note of the significant cash savings offered by emerging billing strategies like e-invoicing.

Investors are not the only ones paying attention to the success of Billtrust. The company secured an award at last month’s PYMNTS Innovation Project in the category of B2B Innovation thanks to its development and promotion of B2B payment technologies.