B2B payments company Bill.com is gearing up to go public just weeks after announcing an $88 million investment round, Business Insider reported Thursday (June 20).
Two unnamed sources told the publication that Bill.com is meeting with bankers as it prepares to choose the underwriters for its initial public offering (IPO). At the time of its $88 million investment round the company was valued at $1 billion, with JPMorgan and Franklin Templeton among the investors.
The sources noted that Bill.com has not chosen its underwriters nor decided on a set time to float. The company did not respond to the publication's request for comment, reports said.
Before its most recent investment round, Bill.com raised $100 million in 2017 following a partnership announcement with JPMorgan Chase that will see the bank integrate Bill.com's B2B bill payments functionality into its offering for corporate clients.
That was followed by a collaboration with Comdata in 2018 to integrate virtual card technology into its platform, and, in April, by the $88 million investment announcement, in which Bill.com released new details about its operations, noting that the company manages more than $60 billion in annual payment volume and is approaching 3 million customers. The firm also revealed in April its collaboration with Mastercard to integrate the payment company's virtual card technology within the Bill.com platform.
The company also announced last month the rollout of its platform that integrates artificial intelligence into B2B payments workflows. Its Intelligence Business Payments Platform, designed for small and medium-sized businesses, offers users an Intelligent Virtual Assistant to promote automation in invoice processing and approval. Via machine learning the solution captures invoice data to identify errors while recognizing bill approval routing for more seamless accounts payable processes.
"Bill.com has focused on developing new technologies that help SMBs grow," Bill.com CEO and Founder René Lacerte said in a statement at the time. "Automating the back office is a huge industry-wide need."