Miami-based fintech firm Biller Genie LLC has its sights set on expansion in Orlando and beyond after securing $5 million in a Series A investment round.
Why this matters: The growth of innovative small businesses like Biller Genie is important for Central Florida, as those firms can add local jobs and create economic impact as they scale. Startups also create innovative solutions for businesses, help develop a community and make it easier for other new companies to form in the future.
Biller Genie will use the capital injection to expand its product selection, automate onboarding and distribution and develop new tools that partners can embed directly into their technology.
The 35-person company also plans to hire additional employees across the company, including in the Orlando area.
Biller Genie did not disclose how many people it may hire locally, but the company plans to open an Orlando office soon.
Biller Genie, which employs 19 people in Central Florida, is outgrowing its office in the Pipeline coworking building, and will need a new office to accommodate its future hires in the area, spokeswoman Lucia Gonzalez told Orlando Inno. Additional details about the office were not available.
The funding round, led by Henry Helgeson, founder and CEO of Boston-based fintech Cayan, comes a year after Biller Genie, a cloud-based electric invoicing platform for businesses, raised a $3.5 million seed round also backed by Helgeson.
Since then, Biller Genie has tripled its subscribers and referral partners to 1,500 and 200, respectively. The company also tripled its revenue, but declined to provide the dollar amount.
"This round is incredible validation that we are solving real problems," Biller Genie co-founder and president Garima Shah said in a prepared statement. Shah, a Windermere resident, was chosen as one of Orlando Business Journal's 2021 CEOs of the Year.
According to the company, its subscribers get paid up to 15 days faster and experience a 40% reduction in overdue invoices. Biller Genie currently manages $3 billion in annual invoice volume, according to a news release.
CEO Tom Aronica previously told the Business Journal that cash flow issues are one of the top impediments to a new venture's success. Late payments from customers can prevent businesses from paying vendors or even making payroll, emphasizing the need to shorten the invoice-to-cash cycle.
Cayan founder Helgeson joined Biller Genie's board of directors and now serves as a strategic adviser to its executive team.
“I have watched Biller Genie grow from a successful startup to a leader in AR automation during a time of economic uncertainty," he said. "It is well positioned to be the market leader for small and mid-sized businesses as it continues to increase automation."
Metro Orlando companies collectively raised $22.6 million in venture money last quarter, down 92.9% from $320.7 million in Q2 and down 85.8% compared to $159.9 million in Q3 2021, according to PitchBook and the National Venture Capital Association. It was the lowest amount of money invested in local companies in any quarter since Q1 2020.
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