AP Automation Company, Mountain View, Calif., which uses AI to drive AP Automation, has raised $50m in Series B funding. This company enables controllers and CFOs to close the gap between accounts payables.
Insight Partners led the round with participation from SignalFire Capital and Nextworld Capital. Nextworld Capital joined UpWest and Hillsven, Bloomberg, Bloomberg, Naver Corp., and Praveen Akkiraju joined the Stampli Board of Directors.
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Stampli Raises $50M in Series C Funding.
Stampli addresses one of the most common problems facing CFOs today in today’s data-driven and the fast-paced world — manual accounts payable operations. Finance leaders understand the importance of automating where possible to ensure knowledge workers can provide maximum value and productivity. The Stampli AP Automation platform and collaboration platform combine a revolutionary fast implementation to make it simple for AP teams and the rest of the organization. They can work together to properly allocate costs, verify invoice terms, receive status, get approvals, pay invoices, and verify receipt status.
Manual AP management can be frustrating and inefficient for AP teams, their approvals, and vendors. Although paying vendors on time should be the ultimate goal, accounts payable must confirm which invoices are due and when. Stampli is a centralization of all invoice-related communications and documentation. This allows accounts payable teams and approvers to collaborate and make faster, more informed invoice and payment decisions.
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Stampli, led by Eyal Fieldman, CEO, and co-founder, is a complete AP automation platform. It brings together accounts payable communications and documentation in one dashboard. Billy the Bot, an AI that learns from organizations, can identify duplicate invoices and automate approval and validation flow.
Stampli’s platform can be integrated with many financial systems, including NetSuite and Sage Intacct, QuickBooks, Microsoft Dynamics, SAP, and other financial systems such as NetSuite, and Sage Intacct.
Each year, the company processes more than $20 billion in invoices.