Palo Alto based payments company Bill.com has raised a $100m funding round led by JP Morgan and Temasek. The latest investments bring Bill.com's total amount raised to $200m and a current valuation of $750m.
Bill.com, which runs a large business payment network in the United States, is among the cohort of young technology companies that are seeking to help modernize financial services by making better use of technology. Business-to-business payments in the United States have been particularly slow to adapt to new digital technologies. Over 50 percent of business-to-business payments by organizations in the United States were made by check in 2016, according to the Association for Financial Professionals. Bill.com’s technology can be integrated into the websites of banks and accounting software providers to make it easier for businesses to send and receive payments digitally.