Accounts payable processes have forever been a headache for all parties involved. And, since the transition to work-from-anywhere, this issue has become even more complicated. Israeli startup Stampli secured $50 million in Series C funding, to change the way enterprises work with invoices.
Dusting off their inner accountant
Stampli is a cloud platform based on NOSQL DB, which aggregates all of an enterprise’s invoices in one place. The company’s system optimizes invoice approval processes, in addition to monitoring the invoice life cycle from end-to-end. The solution is seamlessly integrated into existing platforms, such as SAP, NetSuite or QuickBooks. Additionally, the platform provides managers with business intelligence to improve invoice approval supply chain, and reminds all parties involved to urgently sign off to get things moving. According to the company, its platform manages invoice transactions valued at $20 billion annually in the U.S. alone.
Stampli was founded by brothers Ofer and Eyal Feldman in 2015, with Ofer leading R&D in Israel and Eyal serving as CEO in Silicon Valley. The recent round was led by Insight Partners, with participation from SignalFire and Nextworld Capital. Additionally, existing investors, including Bloomberg Beta, Hillsven Capital, and Upwest, took part in the round. To date, the company has raised a total of $87 million.