California-based fintech Stampli has raised over $61 million in Series D funding to fuel the growth of its accounts payable (AP) automation services. The funding round was led by Blackstone, with participation from existing investors including Insight Partners, SignalFire, Bloomberg Beta, and NextWorld Capital. This latest round brings Stampli’s total funding to nearly $150 million.
Stampli, which was launched in 2015, utilizes artificial intelligence (AI) to automate various AP functions within businesses, including invoice capture, expense allocation, approval routing, and fraud detection. The platform allows CFOs to embrace time-saving technology while ensuring the presence of safeguards and error prevention measures, ultimately lowering costs when paying suppliers.
The fintech offers seamless integration with over 70 different ERP systems, including Sage, Oracle, Microsoft, QuickBooks, and SAP. With more than 1,300 customers already onboard, Stampli processed over 1 million invoices with a collective value exceeding $5 billion in August alone.
Research from Deutsche Bank highlights the immense revenue opportunity presented by AP automation and e-payments, estimating it to be worth $70 billion in the US and several times more globally.
Stampli CEO and Co-Founder Eyal Feldman expressed the company’s commitment to providing a superior user experience, swift implementation, and deep ERP integration capabilities. Aligning with Blackstone allows Stampli to leverage their shared vision and expertise in enhancing operational efficiencies through best practices, technology, and AI. Feldman envisions Stampli becoming one of the largest fintech companies globally with this partnership.
Blackstone’s Senior Managing Director in Israel, Yifat Oron, emphasized the importance of building digital-first modern finance organizations in today’s landscape. With Stampli’s exceptional product, loved by customers for its ease-of-use and comprehensive integration capabilities, Oron believes this fintech stands out as a transformative leader within the underpenetrated AP automation market. Stampli now joins Blackstone’s portfolio of innovative companies.
Praveen Akkiraju, Managing Director at Insight Partners, praised Stampli for providing a differentiated and enterprise-grade accounts payable automation platform. By focusing on deep ERP integrations and leading AI/machine learning features, Stampli brings advanced functionality to the midmarket. Insight Partners looks forward to further collaboration as Stampli expands and grows.
Stampli’s latest funding injection will accelerate the company’s pursuit of the untapped AP automation market, delivering efficient and cost-saving solutions to businesses worldwide. With its robust AI technology and seamless integration capabilities, Stampli is well-positioned to revolutionize accounts payable processes and drive financial productivity to new heights.
Source: {{newsapi:link}}
