The round was led by SignalFire, and Hillsven Capital, Bloomberg Beta and NextWorld Capital participated in the round. So far, the company has raised $32 million. The money will be used for expansion and the creation of new products.
“AP plays a critical role within every company, ultimately controlling the procure to pay process, and touching every department within a company. Yet until recently, there had been virtually zero innovation in the space with solutions providers completely ignoring the collaborative nature of the entire process,” said Eyal Feldman, co-founder and CEO of Stampli. “Stampli redefines invoice management by turning the invoice into a communication tool allowing AP to seamlessly collaborate with all departments and external vendors.”
The company is now processing about $12 billion in invoices annually, which is four times more than it was processing at the beginning of 2018.
About 1,900 businesses and 40,000 users all use Stampli to help automate workflows.
“With Stampli, AP teams get to have complete control over the procure to pay process. Stampli turns each invoice into a central communications hub, allowing all necessary parties and systems to communicate in one place,” the company said. “Stampli uses its proprietary AI to recognize patterns and learn how each organization allocates cost, manages approval flows and extracts invoice data.”
Stampli as been recognized in its field for its high user-satisfaction rates and product usability.
“In a relatively short time, Stampli has not only created an incredible experience for AP teams, but also demonstrated growth unseen in this industry. Stampli is doing to invoice management what Google Docs did to word processing by incorporating collaboration at its core,” said Chris Farmer, founder and CEO of SignalFire.