MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Stampli, the interactive invoice management platform for mid and large enterprises, today announced it has raised $6.7 million in Series A financing, led by SignalFire, with participation from Bloomberg Beta, Hillsven Capital, and UpWest Labs. The new funding will be used to further scale the business, which is already growing 20 percent each month.
There are more than 24 billion invoices processed per year for mid and large sized enterprises. Invoicing is a business process that requires many people in many departments to communicate on in order to complete. But when someone has to get out of the payment process — to go talk to someone, get an approval, etc. — that is where you have breakdowns and delays in payment. Then when the billing party asks for an update on payment, the accounting team may not know where things stand and ask to be invoiced again, creating a duplicate, and a mess.
Prior to Stampli, accounts payable departments at midsize and large enterprises had no way to centralize the communication on a specific invoice, creating those headaches. Plus, previously existing invoicing solutions required 3-6 months to implement.
Now, Stampli eliminates that cumbersome process by using AI to translate each invoice into an interactive landing page and allows all necessary approvers to communicate directly on the invoice in one place. Stampli integrates directly with an organization’s ERP, including NetSuite, Intuit QuickBooks, Intacct, SAP and more, and uses AI to immediately learn who an invoice needs to be sent to and which department it belongs to, to which GL accounts and costing accounts it should be assigned eliminating the need for months-long implementation and training.
“The invoice is the foundation of spend for any enterprise, but with so many different stakeholders requiring insight into the process, and the traditional lengthy implementation project required to support the process, there were a number of barriers for organizations to completing the process efficiently,” said Eyal Feldman, co-founder and CEO of Stampli. “Stampli allows businesses to get it done instantly with no implementation project and allowing them to think about invoices in a whole new way — collaboratively. That fundamental change results in Stampli’s hyper growth never seen before in the market.”
“Stampli is bringing a fresh approach and intelligence to a mundane but critical area of financial operations. Invoice management has been often overlooked and has seen little innovation which has created a massive opportunity for Stampli to significantly improve and optimize the customer experience,” said Chris Farmer, founder and CEO of SignalFire.
Stampli was founded in 2015 by Feldman and his brother Ofer Feldman. Eyal previously served as VP of Business Solutions for Documentum and SAP. Ofer is the Head of Engineering at Stampli and was previously a team lead and architect at SAP. Stampli is managing more than $4 billion worth of invoices for hundreds of companies worldwide in multiple industries including e-commerce, energy, real estate, tech, education and business.
Stampli is a cloud-based interactive invoice management software that streamlines the entire Accounts Payable process by fixing the communication breakdown. Stampli solves this problem by leveraging the power of human collaboration and AI to center a conversation about each invoice on top of the invoice itself, and reduce manual entry by self-learning an organization's unique patterns. Featuring an intuitive and collaborative user interface, Stampli integrates seamlessly with leading Enterprise Resource Planning systems including NetSuite, Sage Intacct, QuickBooks, SAP and more. Organization-wide setup is completed in less than one hour, and supports an unlimited number of users. For more information, visit stampli.com.