Stampli Raises $50M Series C to Revolutionize Invoice Management

Stampli Secures $50 Million in Series C Funding

This morning, Stampli, a software platform designed to streamline corporate invoice management, announced the successful completion of a $50 million Series C financing round.

Insight Partners led the investment, with additional participation from Signalfire and Nextworld Capital.

Addressing Invoice Management Challenges

Founded in 2015, Stampli was created to simplify the often-complex process of managing invoices.

Purchases of services and software are frequently made by employees across various departments within a company.

These resulting invoices are then directed to the finance department, which can sometimes operate in isolation.

Finance teams are then tasked with determining crucial details, such as the justification for the purchase, confirmation of delivery, and ultimately, whether the invoice warrants payment.

How Stampli Transforms Invoice Processing

Stampli functions as a central communications hub for each invoice.

It connects finance personnel with all relevant stakeholders involved in the purchase, including the vendor.

The system leverages machine learning to identify patterns in organizational spending, automate approval workflows, and extract key data from invoices.

Expanding with Direct Pay

Historically, Stampli maintained platform agnosticism, allowing customers to integrate with their preferred payment methods and providers.

However, in early 2020, the company introduced Direct Pay, its own integrated payments solution.

This move aligns with a broader industry trend of software companies incorporating payment options directly into their services, creating an additional revenue stream.

The Benefits of Integrated Payments

Stampli’s core product, focused on transaction context, complements its payments functionality effectively.

For instance, ACH payments, while cost-effective, often consolidate multiple transactions into a single sum, obscuring individual purchase details.

This can create reconciliation difficulties for accounts payable teams.

Because Stampli already understands the context of each transaction, it can provide the necessary clarity during reconciliation, even when using ACH.

Despite offering Direct Pay, Stampli continues to support payment agnosticism, allowing organizations to utilize their preferred providers.

Direct Pay Adoption and Future Plans

According to co-founder and CEO Eyal Feldman, between 20-25% of Stampli’s customer base currently utilizes Direct Pay.

Feldman stated that Stampli aims to provide payments as a service, simplifying the process for customers.

While Direct Pay generates revenue, the primary goal is to transform payments into a standardized commodity.

Scaling for Growth

The newly acquired funding will be used to accelerate Stampli’s growth and scale its operations.

The company intends to double in size over the next year.

To date, Stampli serves approximately 1,000 customers and has processed $20 billion in transactions.

Total Funding to Date

This latest funding round brings Stampli’s total funding to $87 million.

Previous investors include Signalfire and UpWest.

The company is well-positioned for continued expansion in the invoice management market.