+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

Alaska Airlines mandates ‘no mask no travel’ policy for passengers

Published Date: 2020-08-07         Author: Pankaj Singh

Alaska Airlines, a Washington-based airline major, has recently announced that passengers over the age 2 years would be required to compulsorily wear face covering or cloth mask over their mouth and nose as a safeguard against the contagious COVID-19 disease. Reportedly, passenger that do not adh... Read More

E-learning startup Byju's nears $400 million funding from DST Global

Published Date: 2020-08-05         Author: Pankaj Singh

The lockdowns and the practice of social distance across India have prompted students to opt for online learning. As digital learning takes center stage during this challenging time, e-learning companies like Think & Learn Pvt. Ltd.( Byju's), Unacademy, and Vedantu have been taking proactive... Read More

MAS grants SRFB privileges to StanChart under improved framework

Published Date: 2020-08-03         Author: Pankaj Singh

The Monetary Authority of Singapore (MAS), Singapore’s financial and central bank authority has reportedly awarded SRFB (Significantly Rooted Foreign Bank) privileges to Standard Chartered Singapore, which allows the bank to operate in additional places of business. The agency said in the p... Read More

© 2020 Fractovia. All Rights Reserved