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Bill.com, a payment and invoicing service startup, has raised a fresh $38 million round of funding, the company announced today.

The startup has developed a cloud-based system to make it safe and easy for businesses to adopt electronic payments, thus eliminating the need to manage all the cumbersome paperwork associated with billing, invoicing, and managing money. The startup estimates that about 80 percent of businesses are still using paper, as VentureBeat previously reported. That means there should be plenty of room for Bill.com to expand.

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