Biller Genie has its sights set on expansion after securing $5 million in a series A investment round led by Henry Helgeson, the founder and CEO of Boston-based fintech Cayan.
The funding round comes a year after the Miami-based company, a cloud-based electric invoicing platform for businesses, raised a $3.5 million seed round also backed by Helgeson. Since then, Biller Genie reports it has tripled its subscribers and referral partners to 1,500 and 200, respectively. The company reports it 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 statement.
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.
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 in South Florida and beyond, a representative told the Business Journal.
Cayan founder Helgeson joined Biller Genie's board of directors and now serves as a strategic advisor 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. "They are well positioned to be the market leader for small and mid-sized businesses as they continue to increase automation."
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