Bill.com, an integrated bill payment, invoicing and cash flow management platform, has closed on $38 million in a round of financing led by new investor Scale Venture Partners. The infusion brings the company’s total backing to about $80 million. Bill.com garnered a $78 million valuation last year when it raised a $15.5 million Series D round led by Citi Capital Advisors.
Bill.com will use the funds to further invest in its banking platform, accelerate its business payments network, acquire additional customers, and invest in core product features and integration with third-party applications. The company currently manages more than 10 million bills per year by combining payments, workflow and document management, and integrating accounting solutions.