BIll.com Files $100 Million IPO

Bill.com, which provides cloud-based payment and receivables technology for businesses, has filed with the Securities and Exchange Commission for an initial public offering valued at $100 million. The stock will be traded on the New York Stock Exchange under the ticker name BILL.

Based in Palo Alto, California, the company says its goal is to make it easier for businesses to eliminate paper-based transactions, by digitally processing paper checks that are both part of receivables and payables by a business. This can reduce approval cycles and delays in payments, as the automated system tracks and reminds users and customers of due dates, and allows scheduling and other streamlined functions. The system then syncs with the business accounting system for financials management. Bill.com claims it has helped process more than $60 billion in payments for its users since its inception, with more than 80,000 users on the platform.

Bill.com’s most recent financials reported $35.2 million in total revenue for Q3 2019, with 57% year-over-year growth. Total revenue grew 71% during the same period the year before.