California-based fintech Stampli – which uses artificial intelligence (AI) to help automate the accounts payable (AP) function within businesses – has raised over US$60m in Series D funding.
The US$61m raise was led by funds managed by Blackstone, alongside participation from existing investors including Insight Partners, SignalFire, Bloomberg Beta, and NextWorld Capital. Stampli has now raised close to US$150m in total funding to date, as it continues to pursue a relatively untapped opportunity.
Launched in 2015, the fintech deploys AI to help businesses with invoice capture, expense allocation, approval routing, fraud detection, and more. The technology allows CFOs to embrace time-saving tech while still knowing that there are backstops and safeguards in place to prevent errors, and lower costs, when paying suppliers.
Stampli offers fast integration into more than 70 different ERPs, including systems from Sage, Oracle, Microsoft, QuickBooks, and SAP. It already boasts 1,300 customers and, in August alone, processed over 1m invoices with a collective value topping US$5bn.
According to research from Deutsche Bank, AP automation and e-payments combined could represent a US$70bn revenue opportunity in the US alone, with the international market worth four or five times more.
Vow to make Stampli ‘one of world’s largest fintechs’
Stampli CEO and Co-Founder Eyal Feldman says: "In this macroeconomic environment, where companies have to be more careful with their spend and their cash, Stampli became the solution of choice due to our superb user experience, super-fast implementation and deep ERP integration capabilities.
“We chose Blackstone as our partner because of our shared vision and experience driving operational efficiencies through best practices, technology and AI. I am honoured that they see a similar fit in our company. Together, we will make Stampli one of the largest fintech companies in the world."
Yifat Oron, Senior Managing Director at Blackstone and head of the firm's office in Israel, adds: "In today's environment, building a digital-first modern finance organisation is a top priority for CFOs and controllers. While we are still in the early innings of AP automation, Stampli stands out as a transformative leader in this extremely large, underpenetrated market.
“Stampli's best-in-class team has built a product loved by customers and differentiated by its ease-of-use and out of the box integration. We are thrilled to have Stampli join our growing portfolio of innovative companies."
And Praveen Akkiraju, Managing Director at Insight Partners, continues: "Stampli continues to provide a differentiated accounts payable automation platform by building deep ERP integrations and best-in-market AI/ML features that bring enterprise-grade functionality to the midmarket. We're excited to continue our partnership with Stampli as they expand and grow."
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