Business payments specialist Bill.com has hit the $1 billion valuation mark thanks to an $88 million funding round led by Franklin Templeton with participation from Mastercard and Fidelity Investments Canada.
Kayne Anderson Rudnick, Temasek, Cross Creek and Fleetcor also joined the round, which brings Bill.com's total funding to date to $275 million.
Bill.com targets the small and midsize business segment that is still heavily reliant on cheques and, the firm argues, is ripe for disruption.
It has built up a network of more than three million members paying and getting paid with its technology and manages more than $60 billion in annual payment volume.
René Lacerte, CEO, Bill.com, says: "Businesses struggle with conventional payment processes which are complex, manual, paper-based and not always secure.
"Our cloud payment platform is changing all that. We automate payments and back office business processes resulting in significant efficiencies and cost savings."