Outsourced billing service provider Billtrust has announced wrapping up a $25 million funding round from Bain Capital Ventures, with plans to use the money on new acquisitions to secure its place in the industry.
That means Billtrust competitors should be on the lookout. The company has a fresh bankroll and it’s going shopping. It’ll have help, too, as CEO Flint Lane said Bain’s experience with corporate acquisitions will be of “immense value” as it looks around.
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As part of the deal, Bain managing partner Matt Harris will join the company’s board of directors. “Billtrust is the first company we have seen that is so well positioned to dominate the enterprise market,” Harris said.
Ranked 1,347 on the Inc. 5000 list, the 11-year-old Billtrust was one of the first to do online bill notifications and payment through its Invoice Gateway service. It also operates a CustomerCare online portal and introduced an Invoice Central service for small businesses earlier this year.
The $25 million round brings Billtrust’s total outside investment to $30 million. It had previously raised from Edison Ventures in 2006. The company merged with fellow billing service Mark Altman & Associates earlier this year to break into the municipal and utility sectors.
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