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AP automation platform Stampli nabs $25 mn in Series B

Stampli

Eyal Feldman, co-founder, and CEO of Stampli

Stampli, a California-based accounts payable (AP) automation platform has raised a sum of $25 million in Series B funding. The round was led by SignalFire, with participation from existing investors Hillsven Capital, Bloomberg Beta, and new investor NextWorld Capital.

With the recent capital injection, the company’s total raised capital to date has escalated to $32 million. It plans to use the new funds to support its expansion and product innovation.

Stampli is currently processing more than $12 billion in invoices annually registering a jump of more than 4x from the start of 2018. More than 1,900 business entities and 40,000 users use Stampli to centrally collaborate their invoice activities and automate their approval workflows, according to a statement.

“Stampli redefines invoice management by turning the invoice into a communication tool allowing AP to seamlessly collaborate with all departments and external vendors,” Eyal Feldman, co-founder, and CEO of Stampli stated.

Leveraging the company’s expertise, AP teams can have complete control over the procure to pay process. Stampli turns each invoice into a central communications hub allowing all parties and systems to communicate in one place. It uses its AI to recognize patterns and learn how each organization allocates cost, manages approval flows and extracts invoice data.

“Stampli is doing to invoice management what Google Docs did to word processing by incorporating collaboration at its core,” Chris Farmer, founder, and CEO of SignalFire commented.

Stampli is an AI-based, accounts payable automation platform that streamlines the accounts payable process. By centering communications on top of the invoice, AP departments collaborate better with approvers, vendors, and other parties involved with purchases, which allows approvals to happen 5x faster. The company’s AI, Billy the Bot, learns an organization’s unique patterns to simplify GL-coding, automate approval notifications, identify duplicate invoices and reduce time spent on manual data entry. Its platform fits into any existing processes, including NetSuite, Sage Intacct, QuickBooks, SAP, etc.

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