Chargebee raises $55mn; funding coincides with the global shift to subscriptions

By Pavithra R

Chargebee, a PCI Level 1 certified recurring billing platform for subscription-based SaaS and eCommerce businesses has announced that the company has raised a new $55M Series F funding round led by Insight Partners. The investment round saw participation from existing investors, bringing the total funding raised to date to $105M.

Founded in 2011, Chargebee provides the subscription platform used by global businesses from startups to large businesses like Pret a Manger, Okta, and Envoy. Its product automates complex billing and revenue operations challenges that arise as subscription businesses scale into large enterprises. The FinTech, with a global footprint in terms of payment, billing and tax management coverage, enables businesses to rapidly move into new markets, geographies, and recurring business models. 

“Even beyond SaaS and software, we’re seeing a global movement where businesses from cars to coffee pods are launching and scaling with a subscription-first model. The need for an underlying revenue platform that allows businesses this degree of adaptability is paramount today. We’re excited to be partnering with Chargebee in this space.” said AJ Malhotra, Vice President at Insight Partners.

The current funding round coincides with the surge in global subscription service deployment. The company is planning to use the finance to enhance its product and integration ecosystem to enable these businesses to experiment and launch increasingly sophisticated revenue models.

“We believe that a steady SaaS-i-fication of the market is already underway, with traditional businesses replicating the best practices of SaaS pricing and business models even outside the realm of software. Subscription businesses today have to be ready at all times to identify and leverage market opportunities rapidly,” said Krish Subramanian, co-founder and CEO of Chargebee.

Chargebee integrates with the leading payment gateways like Stripe, Braintree, PayPal etc. around the world for automating recurring payment collection along with invoicing, taxes, accounting, email notifications, SaaS Metrics and customer management. The FinTech has businesses across North America, Europe, Asia, and Australia processing over $3B in revenue and servicing end-consumers in over 160 countries.

Also read: Tipalti raises $150 mn in Series E at a valuation of more than $2bn.