After a big year of growth, Miami-based fintech Biller Genie closes $5M Series A round
By Nancy Dahlberg
Biller Genie helps small and medium-sized businesses get their invoices paid faster. The Miami-based financial technology startup that automates accounts receivable for businesses announced today that it has raised a $5 million Series A funding round.
The funding round was led by Henry Helgeson, founder and former CEO of Cayan, and the round included other exciting investors. This latest round brings Biller Genie’s total external funding to $9.5 million, doubling its valuation since the startup’s $3.5 million seed round last year.
“This round is incredible validation that we are solving real problems, and this is just the beginning,” said Garima Shah, Biller Genie’s co-founder and president.
As part of the transaction, Helgeson, who also led Biller Genie’s previous round, will join the board and act as a strategic advisor to Biller Genie’s management team. “Henry is one of the most sought-after thought leaders in the fintech space,” said Thomas Aronica, Biller Genie’s founder and CEO. Update Miami. “It makes a lot of sense to have him on board.”
Aronica previously founded Sky Bank Financial, a credit card processing company, then liquidated some of the company’s assets to start up Biller Genie in 2018. Today, subscribers to the cloud-based Biller Genie platform see cash flow improvement in 14 days and a reduction in overdue invoices by as much as 40% in 90 days, as well as cost savings in administrative time caused by eliminating manual data entry.
The financing follows a major growth spurt for Biller Genie. In the past year, the startup has seen 3X growth in revenue, subscribers and referral partners, Aronica said. With a current subscriber base of 1,500 SMBs, the platform manages over $3 billion in annual invoice volume.
Biller Genie will use the funds for further product expansion, automating onboarding, expanding distribution channels and developing new tools including APIs so partners can build the platform directly into their technology. “Embedded finance is the big buzzword these days,” Aronica said. “There’s a lot of pressure right now.”
For example, Biller Genie integrates into MasterCard’s business payment services network, which will enable subscribers to seamlessly accept commercial card payments with automatic settlement and reconciliation to their accounting software. “This integration gives us access to many potential partner opportunities,” said Aronica.
By scaling up the automation, Biller Genie will also upgrade its team. Biller Genie employs 35 now, about 10 of whom are based in the Miami area, hiring in engineering, quality assurance, finance, sales and marketing, Aronica said.
“Biller Genie is at the forefront of the digital transformation in B2B payments,” said Helgeson. “I couldn’t be more confident with Tom and Garima at the helm.”
Follow Nancy Dahlberg on Twitter @ndahlberg and email her at [email protected]
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