Continuing Our Momentum
This month we are wrapping up the Bill.com fiscal year. It is a time to reflect on what we’ve accomplished and what Iies ahead. First and foremost, it is exciting to acknowledge that we are the driving force moving the business payments world away from paper checks to electronic payments, and we have only just begun.
Today, 30 percent of all business payments are electronic and 86% of businesses rely on checks as a primary form of payment. The growth potential is significant and very exciting to all of us at Bill.com. We are proud to be on the forefront of driving this industry-wide change and we are now processing over $52 billion per year. With a network of three million members paying and getting paid through Bill.com, we continue to be the nation’s leading business payments service.
We are extending that leadership by leveraging the $100 million investment round led by JPMorgan Chase and Temasek in October of 2017. At that time, JPMorgan Chase also announced that they were partnering with us to reinvent business payments. They share our vision to deliver a simpler and faster way for businesses to send and receive invoices and payments.
We also renewed another strategic partnership agreement with CPA.com, the technology arm of the American Institute of Certified Public Accountants. As the preferred payments provider for CPAs across the country, we recognize and value this significant seal of approval.
Starting and building a company is a lot of hard work but is great fun. No acknowledgment is needed, so I was surprised and humbled to be named an E&Y Entrepreneur of the Year. I know that I received this honor thanks to the great work of my teammates and the support of all our customers.
One of my responsibilities is to stay in ahead of the changing needs of businesses. Seeing the opportunity in the industry made me want to ensure that Bill.com had all the talent necessary to succeed. I am very happy that we have attracted new executive leaders to help accelerate our growth. In the past few months, we announced accomplished new members to our leadership team. Yael Zheng is our first CMO, coming to us after growing several successful companies, including VMware, past IPOs. Vinay Pai also joined us from Intuit where he held several leadership positions including being in charge of the company’s developer’s network and the QuickBooks development team.
Business is like jazz. The best teams are like the best jazz ensembles. The leader knows how and when to provide structure so that the other players have the freedom to improvise. Collaboration is an iterative process, and you can’t get to the top of your game without knowing how to get the most out of the people you work with.
So, here’s to the Bill.com team for all it has accomplished in the past year and all it will accomplish as we continue to grow.