This announcement comes after Stampli, a company that automates accounts payable (AP) for businesses, just landed $50m in a Series C funding round led by Insight Partners, bringing Stampli’s total funding to over $87 million.
In addition to SignalFire, Nextworld Capital and UpWest, DownWest, Hillsven, Bloomberg, and Naver Corp., the round saw participation from SignalFire and Nextworld Capital. During the course of this funding round, Praveen Akkiraju, the managing director of Insight Partners, will join the board of directors of Stampli.
By automating the accounts payable operation process, the company enables CFOs and controllers to close the communication gap between accounts payables and the rest of the organization by bringing together accounts payable communications, documentation and payments in one dashboard, which permits them to streamline the accounts payable operation process. With Stampli AP Automation and collaboration platform, it is easy for the AP teams to work collaboratively with the rest of the organization to allocate costs, verify invoice terms and receiving status, request approvals from the rest of the organization and pay invoices.
The Stampli platform takes care of the entire invoice process by centralising all the communication, documentation, and history relating to invoices, while providing a collaborative workspace that helps accounts payable teams and approvers make smarter, faster decisions with regards to invoices and payments.
Additionally, Stampli’s system integrates with existing workflows and can be integrated with financial systems such as SAP, Microsoft Dynamics, QuickBooks, Sage Intacct and NetSuite to provide a seamless experience for its customers.
The company has so far managed $20 billion in transactions and has a customer base of about 1,000 customers.
Announcing the funding announcement, Stampli’s co-founder and CEO, Eyal Feldman, said, “In 2021, the top priority for most CFOs and controllers will be to build a digital-first, modern finance organization that can serve the needs of the organization. It is becoming increasingly important for CFOs to take on more strategic responsibilities for their organizations, which in turn increases the importance of digital transformation and collaboration across business processes, such as Accounts Payable.”
Feldman added that 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 and that’s what Stampli aims to solve.
Using its AI, Billy the Bot, the company automates the approval and verification flow for invoice approvals, identifies duplicate invoices, reduces manual data entry time for firms, and reduces time associated with general ledger and costing-related coding tasks.
There is also a Stampli feature called Direct Pay that allows businesses to make invoice payments directly from within the Stampli system by using a bank account or an automated clearing house to make invoice payments within the Stampli system.
Account Payable automation company Stampli has secured more than $50m in a Series C funding round, led by Insight Partners, bringing its total funding to more than $87m.
This round of funding is led by investment firms NextWorld Capital and Hillsven, as well as venture firm UpWest.
In this funding round, the CEO of Stampli, Anupam Sinha, has added two other directors to his board. They are Praveen Akkiraju, who will join the company’s Board as Managing Director, Insight Partners, and Raghu Bhimani, a Senior VP at SAP SE.
When a company’s financial system is not integrated, it can lead to errors, mistakes, and missed opportunities. The firm, which automates the accounts payable process, ensures that the right checks are made and payments are sent when they are due.
The Stampli AP Automation and collaboration platform helps AP teams work with the rest of the organisation to allocate costs, verify invoice terms and receiving status, obtain approvals and pay invoices.
The Stampli invoice process is an end-to-end solution that allows organisations to streamline the invoicing process, increase efficiency, reduce risk and drive better business outcomes.
In addition, Stampli’s system integrates with current workflows and connects with financial systems such as SAP, Microsoft Dynamics, QuickBooks, Sage Intacct and NetSuite.
Stampli has 1000 customers and has managed about $20bn in transactions so far.
We’ve built a team and we are launching an ICO! This is our first step towards becoming the leading crypto platform. Commenting on the funding, Stampli co-founder and CEO Eyal Feldman said: “In 2021, building a digital-first, modern finance organization is the top priority for CFOs and controllers.
SAP’s collaboration solutions, in particular AP and Fiori, are being rolled out to more and more people and more and more organizations around the world, bringing the benefits of digital transformation to even more users of the software.
The bot learns your unique processes and helps to automate tedious tasks, such as approvals and data verification.
Stampli also lets firms make invoice payments directly to the bank account or credit card that the invoice recipient was billed through.It’s been a while since we’ve seen new footage from the upcoming Alien prequel, Prometheus, but if you want a few new stills and a trailer to tide you over until then, they’ve hit the web. The full length trailer that debuted at Comic-Con is now up on Prometheus’ official website, and it’s an excellent teaser.