Accounts payable (AP) automation company Stampli landed $50 million in Series C funding. The arrangement was headed up by Insight Partners and brings the total funding the startup has notched to more than $87 million, according to a Wednesday (May 12) announcement.
“In 2021, building a digital-first, modern finance organization is the top priority for CFOs [chief financial officers] and controllers. As CFOs take on more strategic responsibilities for the organization, the importance of digital transformation and collaboration across business processes, such as AP, has been raised to new levels,” Stampli Co-founder and CEO Eyal Feldman said in the announcement.
Stampli says that its AP automation and collaboration system makes it simple for AP workforces to work with everyone else in the organization to correctly allocate cost, check invoice terms and receiving status, get approvals and make invoice payments.
To that end, Stampli handles the invoice workflow from start to finish by putting invoice-connected communications, paperwork and history into one place. It also offers a “collaborative workspace” for AP workforces in addition to approvers, according to the announcement.
In addition, Stampli says its system fits smoothly with current workflows and connects with financial systems such as SAP, Microsoft Dynamics, QuickBooks, Sage Intacct and NetSuite.
The company also says its “Billy the Bot” artificial intelligence (AI) educates itself about an organizations’ patterns to streamline general ledger (GL) and cost-related coding, digitize approval and verification processes, find duplicate invoices and decrease time spent on nonautomated data entry.
“We believe that Eyal and the Stampli team have built a unique Accounts Payable platform bringing together a collaborative user-first approach with insights from machine learning algorithms and automation,” Praveen Akkiraju, managing director at Insight Partners, said in the announcement.
Stampli previously introduced a new functionality named Stampli Direct Pay that will let firms make invoice payments from within the Stampli system through automated clearing house (ACH) or check by the way of their bank accounts.