This morning Stampli, a software platform that optimizes corporate invoice management, announced a $50 million Series C financing round, led by Insight Partners with participation from Signal Fire and Nextworld Capital.
The company launched in 2015 with the goal of simplifying the process of invoice management. Why is that needed? Services and software are purchased by employees of companies across a variety of departments. The resulting invoices then land in the finance department, a part of companies that can be a bit siloed. Finance is then left to determine a number of factors, like why something was purchased, whether it delivered, and if the invoice should it be paid at all.
Stampli turns each bill into a communications hub, connecting the folks in finance to other stakeholders on the purchase, including the vendor. Its system uses machine learning to recognize patterns around how the organization allocates cost, manage approval workflows, and what data can be extracted from invoices.
Stampli has been historically payment platform agnostic, meaning that its customers could use whatever payment method or provider they wanted. However, in early 2020, Stampli launched Direct Pay, its own payments product that solve some of the stickier problems for the accounting department. This fits into the general trend of seeing modern software companies bake a payments option into their services, adding a revenue stream to their books in the process.
Because Stampli’s core product focused on the context of individual (Read more...)