Biller Genie, a Miami, FL-based AR automation and B2B payments platform, announced that it raised $5 million in a Series A funding round led by Henry Helgeson, former CEO & Founder of Cayan, bringing Biller Genie's external funding to $9.5 million.
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.
With this new funding, Biller Genie will further expand distribution with new integrations to ERPs, independent software vendors (ISVs), and CRMs. Today, subscribers on the Biller Genie platform see cash flow improvement of 14 days and a reduction in overdue invoices by as much as 40% in 90 days, not to mention the cost savings on administrative time caused by eliminating manual data entry.
Biller Genie will also be using the funds to increase its headcount to satisfy the immense growth and a variety of open positions with expectations for continued and immediate growth opportunities.
"We are very excited to welcome Henry [Helgeson] to our Board of Directors," says Thomas Aronica, Biller Genie's Founder and CEO. "Henry is a distinguished fintech disruptor. He brings 25+ years of industry experience and a sizable network that will accelerate our growth, and well position us as the leader in receivables automation for small and medium size businesses in the U.S."
"This round is incredible validation that we are solving real problems. And this is just the beginning," says Garima Shah, Biller Genie's Co-Founder and President. "By expanding our distribution channels and creating a more integrated experience for our partners and subscribers, we are committed to becoming the market leader in AR automation for SMBs."
Henry Helgeson, founder and CEO of Fintech Enterprise Cayan will join the company's Board of Directors and serve as a strategic advisor to its executive team.
Company: Biller Genie, LLC
Raised: $5.0M
Round: Series A
Funding Month: October 2022
Lead Investors: Henry Helgeson
Additional Investors:
Company Website: https://billergenie.com/
Software Category: Accounts Receivable (AR) Automation and Integrated B2B payments platform
About the Company: Based in Miami, Florida, Biller Genie is an award-winning cloud-based accounts receivable (AR) automation and integrated B2B payments platform that automates bill presentment, follow-up, online payments, and reconciliation for small-and-mid-sized businesses. The SaaS-based technology seamlessly integrates with popular accounting software and all major payment processing platforms, streamlining workflows for its subscribers while giving its customers a branded and frictionless checkout experience. Biller Genie was recently selected by Newtek Business Services Corp (Nasdaq: NEWT), an internally managed business development company, to provide an integrated suite of branded AR tools for Newtek Bank's depository and non-depository clients, subject to regulatory approval of Newtek's pending acquisition of the National Bank of New York City. Biller Genie supports every payment provider in the US, including Fiserv/First Data, FIS Global, Heartland, Chase, Elavon, TSYS, and Worldpay, through its growing suite of gateway integrations, with connections to leading providers such as USAePay, NMI, Paytrace, iCheckGateway, Accept.Blue, Phoenix Managed Networks, and more. Its mission is to provide an automated A/R platform that seamlessly integrates existing business processes for the SMB market.
Source: Biller Genie Press Release