+1-888-308-5802     
News Contact Us

AI-powered platform Stampli bags $25 Million in Series B Funding

Author : Pankaj Singh | Published Date : 2019-10-31 

Stampli, a cloud-based invoice management software provider, has recently announced raising US $25 million in Series B funding led by venture capital fund SignalFire.

According to sources close to move, the investment round involved participation from previous investors, namely Hillsven Capital and Bloomberg Beta, as well as new investor NextWorld Capital. Meanwhile, Stampli plans to use this funding to further its expansion and product innovation.

Reportedly, Stampli has raised $32 million until now, which includes its earlier investments from Naver Corporation and UpWest. However, it is now processing over $12 billion in invoices annually, which is more than 4x since 2018.

Speaking on the investment, Eyal Feldman, Co-Founder & CEO, Stampli, said that accounts payable (AP) plays a vital role within any company as it ultimately controls payment procedure which reaches every department within a firm.

Feldman claims that until now there have virtually been zero innovation in the space, with service providers ignoring the collaborative nature of the overall process. He added that their firm redefines invoice management by converting invoice into a communication tool that further allows AP to collaborate with all departments and external vendors.

Sources cite that, with Stampli, the entire payment process happens in a collaborative software suite. Moreover, the platform uses machine learning to recognize patterns to recognize how an organization allocates cost, manages approval workflows and identifies specific data extracted from invoices.

Notably, Stampli was the highest rated in user satisfaction and product usability in the AP Automation sector. It was also named a High Performer in both Billing and Invoice Management Software.

Chris Farmer, Founder and CEO, SignalFire, claims that Stampli has managed to create an incredible experience for AP teams in a relatively short time, and has demonstrated growth which is unseen in this industry.

Farmer signals that Stampli is doing the same thing with invoice management which Google Docs did with word processing by adopting collaboration at its core.
 

Source Credit: https://www.cpapracticeadvisor.com/accounting-audit/news/21112479/ap-automation-platform-stampli-raises-25-million-in-series-b-funding

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

Related News

Gurgaon based Healthians secures $12 million in Series B funding

Published Date: 2019-11-19         Author: Pankaj Singh

Healthians, a home health test provider, has reportedly secured Rs.85 crore ($12 million) equity in a Series B investment round. The investment round was led by DG Daiwa Ventures and DG Incubation of Japan, with equal participation from companies like Trifecta and Kotak Private Equity from India, To... Read More

Vista Equity Partners unveil new company expansion efforts in Asia

Published Date: 2019-11-18         Author: Pankaj Singh

Vista Equity Partners, a renowned American venture capital and private equity company, has reportedly announced that it has opened a new office in Singapore. The new office would come under the Vista Consulting Group (VCG) name. VCG is an affiliated consulting unit of the Texas-based leading investm... Read More

Daimler amid plans to reduce workforce to save €1Bn by 2022

Published Date: 2019-11-16         Author: Pankaj Singh

With stringent emissions norms being imposed worldwide, automakers are forced to recall their sold vehicles owing to imposed legal actions. German auto giant, Daimler AG has reportedly been hit by expensive recalls lately, which includes a €870-million fine for selling vehicles that did not com... Read More

© 2019 Fractovia. All Rights Reserved