Market Overview

Stampli Raises $6.7M Series A to Help Enterprises Streamline Invoice Management and Get Paid 5x Faster

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AI-powered Stampli platform turns the invoice itself into a
collaborative tool, bringing all necessary departments into the fold at
once to streamline the process

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.

About Stampli

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.

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