Accounts Payable (AP) automation and B2B payments represent a massive and largely unpenetrated market. Deutsche Bank estimated in 2021 that AP automation and ePayments combined represent around $70 billion in U.S. revenue opportunity. Talking about the global market, the number is expected to be 3-5 times higher.
This is where California-based Stampli became the solution of choice with its AI-powered accounts payable automation platform, which combines accounts payable communications, documentation, and payments.
Closes $61M funding
In a recent development, Stampli has snapped $61 million in a Series D venture funding round led by funds managed by Blackstone (known for investing in Wiz and Vega), with the participation of existing investors Insight Partners, SignalFire, Bloomberg Beta and NextWorld Capital. This latest funding round takes the total amount raised by the company to over $148 million.
Eyal Feldman, CEO and Co-founder of Stampli said, “We chose Blackstone, the largest alternative asset manager in the world, as our partner because of our shared vision and experience driving operational efficiencies through best practices, technology and AI. I am honoured that they see a similar fit in our company. Together, we will make Stampli one of the largest FinTech companies in the world.”
Yifat Oron, Senior Managing Director at Blackstone and head of the firm’s office in Israel, said, “In today’s environment, building a digital-first modern finance organization is a top priority for CFOs and controllers. While we are still in the early innings of AP automation, Stampli stands out as a transformative leader in this extremely large, underpenetrated market. Stampli’s best-in-class team has built a product loved by customers and differentiated by its ease-of-use and out of the box integration. We are thrilled to have Stampli join our growing portfolio of innovative companies.”
All-in-one accounts payable platform
Stampli was founded in 2015 by the brothers Eyal and Ofer Feldman. Currently, operates from Tel Aviv and California with a team of 250 members. With communication, documentation and workflows in one place, users get visibility and control over the entire invoice lifecycle.
Stampli learns the accounting process, so GL-codes and approvers are suggested based on past actions. Stampli easily integrates with the ERP or financial system, so all the information users need to do the job is available inside of Stampli, including past invoices, purchase orders or vendor documentation.
It’s simple for users to learn and even simpler to use, especially with Billy the Bot, which automates nearly all of the capture, coding, routing, fraud detection, and other manual tasks. With built-in communications on top of the invoice, approvers can ask or answer questions to get to a faster decision. It reduces the risk of errors, fraud, and compliance issues while improving vendor relationships and making AP processes much more efficient.
The post Israeli fintech Stampli reels in $61M for game-changing AI-powered accounts payable automation appeared first on Tech Funding News.