Stampli, a Mountain View, Calif.-based AI-driven AP Automation company which enables CFOs and controllers to close the disconnect between accounts payables and the broader organization, raised $50m in Series C funding.
The round, which brought total funding raised to over $87m, was led by Insight Partners with participation from SignalFire and Nextworld Capital, which joined UpWest, Hillsven, Bloomberg and Naver Corp. As part of this funding round, Praveen Akkiraju, Managing Director at Insight Partners, will join the Stampli Board of Directors.
Stampli solves one of the most pervasive problems that plague CFOs in today’s fast-paced technology and data-driven businesses — manual accounts payable operations. Finance leaders know they need to automate where possible so knowledge workers can provide maximum value and productivity. Combined with a groundbreaking fast implementation, the Stampli AP Automation and collaboration platform makes it easy for AP teams to work with the rest of the organization to allocate cost properly, verify invoice terms and receiving status, obtain approvals, and pay invoices.
Managing manual AP processes is inefficient and frustrating for AP teams, their approvers and the vendors that need to be paid. While paying vendors on time is the end goal, confirming which invoices should be paid and when is one of the most critical responsibilities of accounts payable. While other AP vendors focus on maximizing payment fees, Stampli addresses the entire invoice process by centralizing all invoice-related communications, documentation, and history and providing a collaborative workspace for accounts payable teams and approvers to make smarter, faster invoice and payment decisions.
Led by Eyal Feldman, co-founder, and CEO, Stampli is a complete AP automation platform that brings together accounts payable communications, documentation, and payments in one dashboard. Its AI, Billy the Bot, learns an organization’s unique patterns to simplify GL and costing-related coding, automate approval and verification flows, identify duplicate invoices, and reduce time spent on manual data entry.
Stampli’s platform integrates with financial systems, including NetSuite, Sage Intacct, QuickBooks, Microsoft Dynamics, SAP, and more.
The company processes over $20 billion invoices annually.
FinSMEs
13/05/2021