- Stampli, an AI-driven accounts payable automation company, announced recently that it raised $50 million in Series C funding. These are the details.
Stampli — an AI-driven accounts payable automation company — announced recently that it raised $50 million in Series C funding for their platform, which helps CFOs and controllers close the disconnect between accounts payables and the broader organization. Insight Partners led the funding round with participation from SignalFire and Nextworld Capital, joining UpWest, Hillsven, Bloomberg and Naver Corp to bring Stampli total funding raised to over $87 million.
Stampli is solving one of the most pervasive problems that plague CFOs in today’s fast-paced technology and data-driven businesses — manual accounts payable operations. And finance leaders know they need to automate where possible so knowledge workers can provide maximum value and productivity. Combined with a groundbreaking fast implementation, the Stampli AP Automation and collaboration platform makes it easy for accounts payable teams to work with the rest of the organization to allocate cost properly, verify invoice terms and receiving status, obtain approvals, and pay invoices.
Managing manual accounts payable processes is inefficient and frustrating for teams, their approvers, and the vendors that need to be paid. And while paying vendors on time is the end goal, confirming which invoices should be paid and when is one of the most critical responsibilities of accounts payable. Stampli addresses the entire invoice process by centralizing all invoice-related communications, documentation, and history and providing a collaborative workspace for accounts payable teams and approvers to make smarter and faster invoice and payment decisions.
KEY QUOTES:
“In 2021, building a digital-first, modern finance organization is the top priority for CFOs and controllers. As CFOs take on more strategic responsibilities for the organization, the importance of digital transformation and collaboration across business processes, such as AP, has been raised to new levels. Finance executives know that to keep business moving forward, automating paper-based and manual accounts payable processes is essential in the modern, global business environment.”
— Eyal Feldman, co-founder, and CEO of Stampli
“Frictionless and automated business processes are a foundational requirement in today’s increasingly Digital Economy. We believe that Eyal and the Stampli team have built a unique Accounts Payable platform bringing together a collaborative user-first approach with insights from machine learning algorithms and automation. Insight is thrilled to be part of the Stampli journey towards delivering a SaaS platform that combines end-to-end process automation with financial services to disrupt the way businesses manage their AP, financial, and supplier relationships.”
— Praveen Akkiraju, Managing Director at Insight Partners. In connection with the funding, Akkiraju will join the Stampli Board of Directors
