Biller Genie raised $22 million in a Series B funding round to expand its cloud-based accounts receivable (AR) automation platform for small and medium-sized businesses (SMBs).
The company will use the new funding to accelerate its global expansion and scale its product development, it said in a Wednesday (Jan. 7) press release emailed to PYMNTS.
“This capital allows us to scale with intention,” Biller Genie Founder and CEO Thomas Aronica said in the release. “We’re investing in global expansion, including building our Belfast engineering center to more than 100 engineers, expanding and developing our executive leadership team, and continuing to enhance our platform so we remain the most advanced AR automation solution for SMBs.”
The company recently opened a new global headquarters in Orlando, Florida, to provide additional support for its global expansion plans, per the release.
Biller Genie’s platform integrates with leading accounting software and payment providers, and automates invoicing, payment collection, follow-up and reconciliation, according to the release.
With these capabilities, it is designed to help businesses get paid faster, reduce overdue invoices and eliminate manual back-office work, the release said.
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Since its launch in 2020, Biller Genie has grown revenue at a 126% compound annual growth rate, per the release.
Jordan Bettman, co-founder of Radian Capital, which led the funding round, said in the release that Biller Genie is well positioned at a time when AR automation is becoming “mission-critical for SMBs.”
“This is a market that should experience meaningful growth, and Biller Genie is positioned to be a reason why,” Bettman said.
The PYMNTS Intelligence and American Express collaboration “Window of Opportunity: Gaining AR Transparency Through Automation” found that AR automation enables companies to close visibility gaps and build stronger relationships with suppliers and customers.
The report found that SMBs are particularly vulnerable to a lack of visibility into their AR processes, with 59% citing cash flow forecasting as the top challenge when relying on manual AR processes.
With AR automation, these businesses can track invoices in real time, spot discrepancies earlier and process payments more quickly, the report said.
Aronica told PYMNTS in 2020 that AR automation can significantly lower the costs of invoice processing while also accelerating invoicing to jump-start the process of getting paid.
