Billing-services outsourcer Billtrust has closed a $25 million funding round from private equity firm Bain Capital Ventures. Billtrust plans to use the cash to identify and acquire companies that will further strengthen its position in the burgeoning electronic billing and payments industry.
“In addition to its funding, Bain brings a wealth of expertise in corporate acquisitions that will be of immense value as we evaluate opportunities," said Flint Lane, president and CEO of Billtrust.
Since its founding 11 years ago, Billtrust has been driving electronic billing and payment for consumer and business billing across North America. Billtrust says it pioneered online bill presentment and payment through its Invoice Gateway service and gave clients an easy way to review all their billing activity through its CustomerCare online portal. In 2012, Billtrust introduced Invoice Central, which the company says was the first business billing destination site for vendors and small businesses.
“As the world quickly moves from paper to electronic billing, there is incredible opportunity for an enterprise-focused service provider with the right balance of technology and customer-facing methodology to be a leader in this space," said Matt Harris, Bain Capital managing partner, who will join Billtrust's board of directors.
Bain's investment in Billtrust is the second outside investment in Billtrust’s history, bringing the total funding raised to $30 million. An earlier funding round, led by Edison Ventures, provided Billtrust the capital to grow revenues tenfold over a five-year period.