Business payments processing company Bill.com is going public and seeking $100 million for its float.
MarketWatch reported on Friday (Nov. 15) that the California-based company filed for an initial public offering (IPO) late Friday. Bill.com will trade under the ticker BILL on the New York Stock Exchange, with Goldman Sachs, Bank of America Securities and Jefferies Group underwriting the float.
According to reports, Bill.com’s most recent earnings report posted $7.3 million in losses on $108.4 million in revenues for the fiscal year that ended June 30, 2019. Both losses and revenue are an increase from the previous fiscal year, which saw $7.2 million in losses and $64.9 million in revenues.
The company announced in September that its transaction processing volume increased 216 percent, with total payment volume growing 258 percent.
Business Insider first reported in June that Bill.com had planned to go public following an $88 million funding round that valued the company at $1 billion. JPMorgan and Franklin Templeton participated in that investment, which followed a $100 million round in 2017. Two unnamed sources told Business Insider at the time that Bill.com had been meeting with bankers ahead of its filing, though they noted that the company had not yet decided on a timeline to go public.
Last month, Bill.com announced a slew of updates to its corporate payments platform designed to ease friction for both payers and payees in B2B transactions. Those updates included the integration of a purchase order-to-payment workflow, elevated customer support services, expanded cross-border payment capabilities and the introduction of a VIP program for businesses using Bill.com’s international payment services.
In August, the company announced that former PayPal executive Josh Goines would lead the firm’s strategy in strategic relationships with technology firms. As senior vice president of strategic partnerships, Goines is driving Bill.com’s collaboration with Intuit and large financial institutions, as well as seeking out new partnership opportunities for the firm.