Billtrust, the leading provider of outsourced billing services, today announced the closing of a $25 million round of funding from Bain Capital Ventures, one of the nation’s leading private equity firms. Building on a record of growth that has made Billtrust a recognized innovator in both electronic and paper-based billing solutions, Billtrust will use the capital to identify and acquire companies that will further strengthen its position on the burgeoning billing and payment industries.
Billtrust’s selection of Bain Capital Ventures followed a lengthy review process. Matt Harris, Managing Partner of Bain Capital Ventures, New York, will join Billtrust’s Board of Directors as part of the new relationship.
“Most private equity firms are interested in making financial investment Bain Capital Ventures is different,” said Flint Lane, Chairman and CEO of Billtrust. “In addition to its funding, Bain brings with it a wealth of expertise in corporate acquisitions that will be of immense value as we evaluate opportunities. In addition, Matt Harris’ deep understanding of the payment industry will speed up our new working relationship and allow us to execute our plans quickly. “That’s right.
Since its foundation 11 years ago, Billtrust has been at the forefront of electronic billing and payment for consumer and business billing across North America. Billtrust has pioneered online billing and payment through its Invoice GatewayTM service and has provided customers with an easy way to review all their billing activities through its CustomerCare online portal. In 2012, Billtrust introduced Invoice CentralTM, the first business billing destination for vendors and small businesses.
“As the world moves quickly from paper to electronic billing, an enterprise-focused service provider with the right balance of technology and customer-facing methodology has an incredible opportunity to be a leader in this field,” said Matt Harris. “There are currently many payment players in the consumer area, but Billtrust is the first company we’ve seen to be so well positioned to dominate the enterprise market. In addition, we have consistently been impressed by the vision and experience of Flint and his executive team. This is a team with the values and characteristics that are necessary for success. “That’s right.
Billtrust was named Growth Company of the Year by the New Jersey Technology Council and one of NJBIZ’s 50 fastest growing companies in New Jersey. It also ranked 199th fastest growing company in America in Deloitte’s 2011 Technology Fast 500 Rankings Its CEO, Flint Lane, was named one of the 25 Most Influential Financial Operations Professionals by the Institute of Financial Operations (IFO) and was recognized in 2011 as Ernst & Young Entrepreneur Of The Year®.
Bain Capital Ventures’ Billtrust investment is the second out-of-pocket investment in Billtrust’s history, bringing the total amount of funding raised to $30 million. An earlier funding round, led by Edison Ventures, provided that Billtrust capital increased revenue tenfold over a five-year period.
In its latest investment round, Billtrust was advised by Raymond James & Associates (RJF)
About the trust
Headquartered in Hamilton NJ, Billtrust is a leading provider of outsourced, customer-centric billing solutions. The flagship product and service suite of the company, called CompleteBilling, consists of paper, fax, e-mail and online billing (EBPP, EIPP) In addition, the company provides expert billing design, in-bill marketing services and CustomerCare, an integrated online customer service tool. These comprehensive tools automate the billing process in ways that match customer preferences, enable businesses to save money, increase productivity, improve cash flow, and seamlessly move to electronic delivery. Visit Billtrust online at