Billtrust, the leader in Payment Cycle Management, has raised $25 million in new funding, led by Goldman Sachs Private Capital Investing and existing investor Bain Capital Ventures.
The funding will enable Billtrust to continue its aggressive growth strategy and to pursue additional acquisitions.
“We took time to find the right investment partners who can help our team grow strategically and deliver against our business goals. Both Goldman Sachs and Bain Capital Ventures share our vision to transform B2B invoicing and payments,” said Flint Lane, CEO and Founder of Billtrust.
Billtrust works with thousands of businesses to streamline their invoice-to-cash processes. The company is committed to helping drive the highest rates of electronic adoption in the industry, reducing costs, and improving customer satisfaction and key payment metrics such as days sales outstanding (“DSO”).
“Billtrust is the clear industry leader in transforming the invoice-to-cash process. They are competing in an emerging space where Billtrust’s integrated solution has begun to dominate the market,” said Antoine Munfa, Vice President, Goldman Sachs Private Capital Investing. “We are impressed with Billtrust’s track record in driving electronic billing and its plans to expand.”
Billtrust has made several strategic acquisitions over the past five years including Open Scan Technologies, Best Practice Systems, and Mark Altman & Associates. Besides acquisitions, the additional funding will be used to support further expansion into domestic and international markets and increased marketing activity.
Bain Capital Ventures, which made its first investment in Billtrust in 2012, also participated in this fund raising.
“I continue to be impressed with the Billtrust leadership team and its ability to build a sustainable business with long-term growth prospects,” said Matt Harris, Managing Director of Bain Capital Ventures. “The company has made tremendous strides in transforming the payment process in industries that range from electronics to trucking to consumer products and we see even more opportunity as businesses continue to address the lag in electronic adoption in the B2B payments space.”
Billtrust, founded in 2001, has spent eight consecutive years on the Inc. 500/5000 list of the fastest-growing companies in North America.