+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

Kotak Bank gears up to launch a major share sale worth $2 billion

Published Date: 2020-05-27         Author: Pankaj Singh

Renowned financial institution Kotak Mahindra Bank has apparently made it to the headlines for its announcement of planning to launch a share sale to institutional investors. Reliable reports affirm that this share sale has been targeted toward raising as much as $2 billion in multiple tranches, in ... Read More

Canadian Competition Bureau fines Facebook $9 million for false claims

Published Date: 2020-05-22         Author: Pankaj Singh

Social media giant, Facebook Inc., has been witnessing a never-ending deluge of privacy and security related scandals over the past few years. Recently, the company made headlines when Canada’s Competition Bureau has fined the social media giant USD 9 million for making misleading or false cla... Read More

Sika starts manufacturing safety masks after hand sanitizers

Published Date: 2020-05-20         Author: Pankaj Singh

  Sika has started producing safety masks for its employees and customers These face masks have polyester-based protective layers 50,000 masks have been produced till date and 165,000 more have been pre-ordered Swiss chemical specialty major Sika has reportedly commenced the prod... Read More

© 2020 Fractovia. All Rights Reserved