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