The venture capital arm of global buyout giant Bain Capital has invested $25m in a financing round for Billtrust, a provider of outsourced billing services.
Billtrust said it will use the capital to identify and acquire companies that will further strengthen its position in the burgeoning billing and payments industry.
As part of the new relationship, Matt Harris, managing partner of Bain Capital Ventures, New York, will join Billtrust’s board of directors.
Billtrust was founded in 2001 and pioneered online bill presentment and payment through its Invoice Gateway service and gave clients an easy way to review all their billing activity through its CustomerCare online portal.
This year the company introduced Invoice Central, the first business billing destination site for vendors and small businesses.
“As the world quickly moves from paper to electronic billing, there is incredible opportunity for an enterprise-focused service provider with the right balance of technology and customer-facing methodology to be a leader in this space,” said Harris.
“There are currently many payments players in the consumer space, but Billtrust is the first company we have seen that is so well positioned to dominate the enterprise market.
“Additionally, we have been consistently impressed with the vision and experience of Flint and his executive team. This is a team with the values and characteristics necessary for success.”
Bain Capital Ventures’ investment in Billtrust is the second outside investment in Billtrust’s history, bringing the total funding raised to $30m.
An earlier funding round, led by Edison Ventures, provided Billtrust the capital to grow revenues ten-fold over a five-year period, the company said in a statement.
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