The company plans to use the funding to help automate invoice management. Here are the top-line bullets you need to know.
Stampli, an accounts payable automation platform, has raised $50M in a Series C, with participation from Insight Partners, SignalFire, and Next World Capital, among others.
How’s the company performing?
- California-based Stampli is an accounts payable platform that streamlines the invoicing process. It integrates with ERP systems such as SAP, NetSuite, Sage Intacct, and QuickBooks.
- Stampli launched its invoice payment gateway “Direct Pay” in 2020 and also hosts other providers on its platform.
- The company has about 1,000 customers, including Beyer Mechanical, Kiva, Renova Energy, and Nespsa.
- Stampli processes $20B in invoices, annually.
Why does the market matter?
- The global accounts payable automation market is expected to grow at a CAGR of 11% and reach 3.1B by 2024, as per Markets and Markets.
- Fraud prevention, speed-up payment processes, and a shift towards digitization have contributed to market growth.