Fintech Stampli Raises $50 Million To Put Controllers Back in Control of Payables
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--AI-driven AP Automation innovator Stampli today announced $50 million in Series C funding for their platform, which helps CFOs and controllers close the disconnect between accounts payables and the broader organization. Insight Partners led the deal with participation from SignalFire and Nextworld Capital, joining UpWest, Hillsven, Bloomberg and Naver Corp to bring Stampli total funding raised to over $87M.
Stampli solves one of the most pervasive problems that plague CFOs in today’s fast-paced technology and data-driven businesses — manual accounts payable operations. Finance leaders know they need to automate where possible so knowledge workers can provide maximum value and productivity. Combined with a groundbreaking fast implementation, the Stampli AP Automation and collaboration platform makes it easy for AP teams to work with the rest of the organization to allocate cost properly, verify invoice terms and receiving status, obtain approvals, and pay invoices.
Managing manual AP processes is inefficient and frustrating for AP teams, their approvers and the vendors that need to be paid. While paying vendors on time is the end goal, confirming which invoices should be paid and when is one of the most critical responsibilities of accounts payable. While other AP vendors focus on maximizing payment fees, Stampli addresses the entire invoice process by centralizing all invoice-related communications, documentation, and history and providing a collaborative workspace for accounts payable teams and approvers to make smarter, faster invoice and payment decisions.
“In 2021, building a digital-first, modern finance organization is the top priority for CFOs and controllers. As CFOs take on more strategic responsibilities for the organization, the importance of digital transformation and collaboration across business processes, such as AP, has been raised to new levels,” said Eyal Feldman, co-founder, and CEO of Stampli. “Finance executives know that to keep business moving forward, automating paper-based and manual accounts payable processes is essential in the modern, global business environment.”
"Frictionless and automated business processes are a foundational requirement in today’s increasingly Digital Economy. We believe that Eyal and the Stampli team have built a unique Accounts Payable platform bringing together a collaborative user-first approach with insights from machine learning algorithms and automation. Insight is thrilled to be part of the Stampli journey towards delivering a SaaS platform that combines end-to-end process automation with financial services to disrupt the way businesses manage their AP, financial, and supplier relationships,” said Praveen Akkiraju, Managing Director at Insight Partners. As part of this funding round, Akkiraju will join the Stampli Board of Directors.
Stampli processes over $20 billion invoices annually and was recently named a Top 50 Most Promising Startup in Israel. In the last year, Stampli was named a leader in G2 Grid® for AP Automation seven times; awarded The Best AP Solution from Fintech Breakthrough for 2021; named The Best AP Automation Company in the USA from New World Report, and Eyal Feldman was named to The Software Report’s Top 50 CEOs of 2020.
Stampli is a complete AP automation platform that brings together accounts payable communications, documentation, and payments in one place. By centering communications on top of the invoice itself, AP departments collaborate and communicate better with approvers, vendors, and anyone involved with purchases, allowing approvals to happen 5x faster. Stampli’s AI, Billy the Bot, learns an organization’s unique patterns to simplify GL and costing-related coding, automate approval and verification flows, identify duplicate invoices, and reduce time spent on manual data entry. Stampli’s flexible platform fits seamlessly into any existing processes and integrates with financial systems, including NetSuite, Sage Intacct, QuickBooks, Microsoft Dynamics, SAP, and more. For more information, visit stampli.com.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.