Stampli, the Mountain View-based company looking to automate invoice management, has today announced the close of a $25 million Series B round. The funding round was led by SignalFire, with participation from existing investors such as Hillsven Capital, Bloomberg Beta, as well as new investors such as NextWorld Capital.
Stampli launched in 2015 to build software specifically focused on invoice management. Part of the problem with invoice management is that many people in the organization procure services and contract vendors, but the people who deal with the majority of the paperwork are siloed off from that process. This means the folks in the finance department are often tasked with chasing down coworkers from other departments to resolve their issues.
With Stampli, the entire procure to pay process happens in a collaborative software suite. Each invoice is turned into its own communications hub, allowing people across departments to fill in the blanks and answer questions so that payments are handled as efficiently as possible. Moreover, Stampli uses machine learning to recognize patterns around how the organization allocates cost, manages approval workflows and what data is extracted from invoices.
In other words, over time, Stampli gets better and better for each individual organization.
Stampli charges based on the amount of transactions an organization has in the system, as well as how many ‘advanced users’ are taking part in that action. Stampli recognizes the difference between users in the finance department, making high-level decisions, and other users from the organization who are simply collaborating on the platform much more infrequently.
Cofounder and CEO Eyal Feldman believes that another big differentiator for the company is that it has specifically decided to be payments agnostic, letting customers choose their payments provider and maintain control of that part of the system.
As of right now, Stampli is processing more than $12 billion in invoices annually, with more than 1,900 businesses and 40,000 users on the platform.
This new round comes on the heels of a $6.7 million Series A round from August 2018, also led by SignalFire with participation from UpWest Labs, Bloomberg Beta, and Hillsven Capital. This brings Stampli’s total funding to $34.7 million.