By Nancy Dahlberg
Biller Genie helps small and medium size companies get their invoices paid faster. The Miami-based financial technology startup that automates accounts receivables for businesses announced today it has raised a $5 million Series A funding round.
The funding round was led by Henry Helgeson, the founder and former CEO of Cayan, and the round included other exiting investors. This latest round brings Biller Genie’s total external funding to $9.5 million, doubling its valuation since the startup’s $3.5 million seed round last year.
“This round is incredible validation that we are solving real problems, and this is just the beginning,” says Garima Shah, Biller Genie co-founder and president.
As part of the transaction, Helgeson, who also led Biller Genie’s prior round, will join the board and serve as a strategic advisor to Biller Genie’s executive team. “Henry is one of the most sought-after thought leaders in the fintech space,” Thomas Aronica, Biller Genie’s founder and CEO, told Refresh Miami. “It’s pretty meaningful to have him on board.”
Aronica previously founded Sky Bank Financial, a credit card processing company, and then liquidated a portion of the company’s assets to bootstrap Biller Genie in 2018. Today, subscribers on the cloud-based Biller Genie platform see cash flow improvement of 14 days and a reduction in overdue invoices by as much as 40% in 90 days, as well as cost savings on administrative time caused by eliminating manual data entry.
The funding follows a big growth spurt for Biller Genie. In the past year, the startup has seen 3X growth in revenue, subscribers, and referral partners, said Aronica. With a current subscription base of 1,500 small and mid-sized business, the platform is managing over $3 billion in annual invoice volume.
Biller Genie will use the funds to further product expansion, automate onboarding, expand distribution channels, and develop new tools including APIs so its partners can embed the platform directly into their technology. “Embedded finance is the big buzzword these days,” Aronica said. “That’s a big push right now.”
For instance, Biller Genie is integrating to MasterCard’s business payment services network, which will enable subscribers to seamlessly accept commercial card payments with automatic settlement and reconciliation to their accounting software. “That one integration gives us access to a lot of potential partner opportunities,” Aronica said.
In scaling up its automation, Biller Genie will also be leveling up its team. Biller Genie employs 35 now, of which about 10 of which are based in the Miami area, and is hiring in engineering, quality assurance, finance, sales and marketing, Aronica said.
“Biller Genie is on the cutting edge of the digital transformation in B2B payments,” said Helgeson. “I could not be more confident with Tom and Garima at the helm.”
Follow Nancy Dahlberg on Twitter @ndahlberg and email her at [email protected]
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