Stampli, a leading player in AI-powered accounts payable automation, has announced that it has secured $61 million in a Series D venture funding round. The funding round was led by funds managed by Blackstone, with participation from existing investors Insight Partners, SignalFire, Bloomberg Beta, and NextWorld Capital. This latest investment brings the total amount raised by the company to over $148 million.
Accounts payable automation and B2B payments are considered a significant and untapped market. Every business needs to pay bills, which means every business requires an accounts payable function. According to Deutsche Bank Research, AP automation and ePayments represent a revenue opportunity of approximately $70 billion in the US alone. When accounting for international opportunities, this figure could be at least three to five times larger.
Stampli, which was launched in 2015, is now one of the fastest-growing providers of accounts payable automation and ePayment services. In August, the company processed over 1 million invoices worth a total of more than $5 billion. Stampli’s AI technology is trusted by its 1,300 accounts payable automation customers for tasks such as invoice capture, expense allocation, approval routing, and fraud detection. These critical activities ensure that payments are accurate and secure.
The success of Stampli is significant, especially as CFOs are under pressure to adopt AI for faster workflows, cost reduction, and fewer errors. AI is often associated with data security concerns and unpredictable outcomes, but Stampli has shown that it can succeed, even in the finance sector. The company’s approach also provides guidance for CFOs to incorporate human validation of data and encourage teamwork with AI.
The efficiency and cost benefits of accounts payable automation are well-known. For CFOs, the top concern is minimizing the disruption of implementation and ensuring the fastest time to value. Stampli addresses these concerns by offering a solution designed to eliminate implementation risk. The company builds its ERP integrations in-house and supports a wide range of native functionality. This allows customers to implement the solution without changing their existing processes, engaging expensive consultants, or spending months on deployment. Stampli offers its fast implementation for more than 70 different ERPs, including systems from Sage, Oracle, Microsoft, QuickBooks, SAP, Acumatica, IBM, and others.
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