PALO ALTO, CA — Bill.com, the leader in paperless bill management and payment for small and medium-sized businesses (SMBs) and CPA firms, today announced the addition of Total Technology Ventures (TTV) as an investor. In conjunction, Mark Johnson, previously vice-chairman of CheckFree until its acquisition by Fiserv in 2007 and currently a partner with TTV, has joined the Bill.com Board of Directors. In this role, Johnson will provide strategic insight and business guidance on Bill.com's continuously expanding capabilities in streamlining and automating the business bill-paying processes. TTV is a leading venture firm that specializes in investing in financial technology companies.
During his time at CheckFree, Johnson was responsible for the development and launch of CheckFree's commercial and consumer electronic funds transfer services and electronic bill payment and presentment businesses. He was also instrumental in the development of CheckFree's key strategic alliances and marketing initiatives. Prior to joining CheckFree, Johnson worked for the Federal Reserve Bank and Bank One.
"At CheckFree we revolutionized the way banks help consumers pay their bills online," said Johnson. "Business bill payment involves process and accounting, not just transactions, and Bill.com is driving tremendous cost savings and efficiency by streamlining the entire end-to-end bill paying process for small and midsized businesses. I am thrilled to join the team."
"Adding Mark Johnson to the Bill.com team brings a wealth of experience in financial technology and further strengthens our team's capabilities," said Bill.com founder and CEO Rene Lacerte. "As we continue to grow at a rapid pace, Mark's expertise will enable us to continue to scale our technology and build upon our innovative legacy that has helped propel us ahead of the industry, as more businesses start to understand the advantages of making the cumbersome process of writing checks a relic."
Bill.com has experienced rapid adoption of its services both by customers and industry leaders. The Bill.com Payment Network — consisting of customers signing up to make or receive payments — increased 80 percent month over month in June 2010, the highest growth to date in 24 months of continuous double-digit growth. As a result of this expansion, payments through the Bill.com Payment Network have increased to an annual rate of $500 million per year from $250 million less than six months ago. When factoring in bills that are managed through Bill.com using paperless workflow, but not necessarily paid through the Bill.com Payment Network, the annual run rate now exceeds $750 million.
Industry watchers are also continuing to take note of Bill.com as a leading service provider within the financial and accounting sector. In June, Accounting Today, a leading trade magazine serving this market, named Bill.com to its annual list of Top New Software. The outlet recognized Bill.com ePayments in the Payment Tools category with an honorable mention. The entire Top New Products story appears in the June issue of Accounting Today, as well as online.
"Bill.com has experienced tremendous momentum in 2010," said Lacerte. "We expect to extend our leadership position and continue our unprecedented growth as we add new partners and customers, and roll out exciting new product features and functionality in the short term."
Bill.com is an on-demand accounts payable application for CPAs and small and midsized businesses. Bill.com users can receive, route and pay invoices electronically — they never have to touch a paper bill again — resulting in time and cost savings to finance personnel of over 50% versus manual accounts payable and check writing processes. Invoices are emailed, scanned or faxed into the Bill.com service. Digital images of invoices are then routed electronically for approval, ensuring a complete audit trail and eliminating lost or mishandled paper. Bill.com handles check printing and mailing as well as electronic payments, and uses enterprise-class fraud protections that are impractical for small and midsized businesses to implement on their own. Bill.com integrates with popular desktop and on-demand accounting packages, ensuring consistency of financial data and streamlined financial planning, reporting and audit activities. Bill.com has received numerous awards including a 2009 Innovation Award from CPA Technology Advisor, a 4-star rating from PC Magazine, a 2010 Barlow Monarch Innovation Award for innovation in financial services, and was recently named to the Red Herring Global 100.