Accounts Payable Automation Solution Stampli Announces $61M Venture Funding Round
Stampli's AI has been successfully deployed in one of Finance's most sensitive functions for years
Cybertech
| 03/10/2023
Brothers Ofer Feldman, co-founder and CTO, and Eyal Feldman, co-founder and CEO. Photo courtesy Stampli
AI-powered accounts payable automation company Stampli announced that it has raised $61 million in a Series D venture funding round, led by funds managed by Blackstone. This latest funding round takes the total amount raised by the company to over $148 million.
According to Stampli, accounts Payable automation and B2B payments represent a massive and largely unpenetrated market. Put simply, every business has to pay bills, which means every business has an accounts payable function. Sizing the market opportunity, Deutsche Bank Research estimated in 2021 that AP automation and ePayments combined represent ~$70bn in US revenue opportunity, not including the international opportunity, which they estimated could be ~3-5x larger.
Launched in 2015, Stampli is today one of the fastest-growing providers of accounts payable automation and ePayment services. In August alone, Stampli processed more than 1 million invoices totaling a collective value of more than $5 billion.
Stampli's 1,300 accounts payable automation customers trust its AI with invoice capture, expense allocation, approval routing, fraud detection, and more. These activities are the final checkpoint before money is released, which means there's zero tolerance for errors.
The company offers its fast implementation for more than 70 different ERPs, including systems from Sage, Oracle, Microsoft, QuickBooks, SAP, Acumatica, IBM and many others. Beyond Accounts Payable, Stampli offers an integrated suite of FinTech products, including Stampli Credit Card and Stampli Direct Pay.
"In this macroeconomic environment, where companies have to be more careful with their spending and their cash, Stampli became the solution of choice due to our superb user experience, super-fast implementation, and deep ERP integration capabilities,” said Eyal Feldman, CEO and Co-founder of Stampli.
“We chose Blackstone as our partner because of our shared vision and experience driving operational efficiencies through best practices, technology, and AI. I am honored that they see a similar fit in our company. Together, we will make Stampli one of the largest FinTech companies in the world."
"In today's environment, building a digital-first modern finance organization is a top priority for CFOs and controllers. While we are still in the early innings of AP automation, Stampli stands out as a transformative leader in this extremely large, underpenetrated market,” added Yifat Oron, Senior Managing Director at Blackstone and head of the firm's office in Israel.
Stampli's AI has been successfully deployed in one of Finance's most sensitive functions for years
Brothers Ofer Feldman, co-founder and CTO, and Eyal Feldman, co-founder and CEO. Photo courtesy Stampli
AI-powered accounts payable automation company Stampli announced that it has raised $61 million in a Series D venture funding round, led by funds managed by Blackstone. This latest funding round takes the total amount raised by the company to over $148 million.
According to Stampli, accounts Payable automation and B2B payments represent a massive and largely unpenetrated market. Put simply, every business has to pay bills, which means every business has an accounts payable function. Sizing the market opportunity, Deutsche Bank Research estimated in 2021 that AP automation and ePayments combined represent ~$70bn in US revenue opportunity, not including the international opportunity, which they estimated could be ~3-5x larger.
Launched in 2015, Stampli is today one of the fastest-growing providers of accounts payable automation and ePayment services. In August alone, Stampli processed more than 1 million invoices totaling a collective value of more than $5 billion.
Stampli's 1,300 accounts payable automation customers trust its AI with invoice capture, expense allocation, approval routing, fraud detection, and more. These activities are the final checkpoint before money is released, which means there's zero tolerance for errors.
The company offers its fast implementation for more than 70 different ERPs, including systems from Sage, Oracle, Microsoft, QuickBooks, SAP, Acumatica, IBM and many others. Beyond Accounts Payable, Stampli offers an integrated suite of FinTech products, including Stampli Credit Card and Stampli Direct Pay.
"In this macroeconomic environment, where companies have to be more careful with their spending and their cash, Stampli became the solution of choice due to our superb user experience, super-fast implementation, and deep ERP integration capabilities,” said Eyal Feldman, CEO and Co-founder of Stampli.
“We chose Blackstone as our partner because of our shared vision and experience driving operational efficiencies through best practices, technology, and AI. I am honored that they see a similar fit in our company. Together, we will make Stampli one of the largest FinTech companies in the world."
"In today's environment, building a digital-first modern finance organization is a top priority for CFOs and controllers. While we are still in the early innings of AP automation, Stampli stands out as a transformative leader in this extremely large, underpenetrated market,” added Yifat Oron, Senior Managing Director at Blackstone and head of the firm's office in Israel.
