HAMILTON, N.J., Billtrust, the leader in payment cycle management, announced today a $50 million funding round led by Riverwood Capital Management.
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Billtrust will use the investment to strategically grow into adjacent markets, continue to innovate the products and services available in their Quantum Payment Cycle Management solution and expand their global footprint.
Founded in 2001, Billtrust is the pioneer of payment cycle management, helping clients automate and accelerate their accounts receivable (AR) processes to increase cash flow, improve operational efficiency and increase customer satisfaction.
"Billtrust's mission is to not only accelerate, but to help clients grow cash flow," said Flint Lane, CEO and founder of Billtrust. "Our Quantum Payment Cycle Management solution is unique in the market because it seamlessly automates what is a traditionally labor intensive, manual process for AR teams. With this new investment, we will look for growth opportunities in current and adjacent markets, continue innovating our Quantum solution to meet expanding client needs, such as credit and collections support, and broaden our reach in international markets."
Since its inception, Billtrust has complemented its aggressive organic growth strategy with five acquisitions over the last six years. The company boasts the most comprehensive, end-to-end cloud-based billing and payment solution in the industry.
Quantum's features include:
-Simple integration with any existing ERP system
-Tailored invoice delivery for every customer
-Secure, multi-channel invoice payment options
-Intelligent cash application to eliminate manual invoice and payment matching
"Billtrust helps enterprises with a critical part of running their business: how they get paid. Their market-leading Quantum solution meets the needs of CFOs for a strategic, end-to-end solution that drives cash flow and cost savings through automation and improved efficiency," said Francisco Alvarez-Demalde, founding partner at Riverwood Capital Management. "We are excited to partner with Billtrust's entire team in creating an enduring leader in the B2B payment cycle management sector. We see a clear long term secular shift towards process automation software as a strong tailwind for Billtrust to continue delivering on its mission of improving outcomes for AR departments."
With this funding, Mr. Alvarez-Demalde will join the Billtrust board of directors.
Financial Technology Partners LP and FTP Securities LLC (together "FT Partners") served as exclusive strategic and financial advisor to Billtrust on this transaction.
About Billtrust: Billtrust accelerates cash flow by automating invoice delivery, invoice payment, and cash application. Companies can improve operational efficiency throughout the invoice-to-cash process with electronic invoicing and payments in a flexible, cloud-based solution. Finance executives and AR specialists love and recommend Quantum, Billtrust's payment cycle management solution, for the remarkable cost savings, ease-of-use, and improved customer satisfaction rates.