Stampli closes its Series D 🚀 🎉
Every business has bills to pay. That’s what makes accounts payable so interesting.
If you’re reading this, you probably already know that fact. And today, knowledge of that fact is a little more widespread, as Stampli announces a $61M Series D growth round led by Blackstone, which participated along with our existing investors Insight Partners, SignalFire, Bloomberg Beta, and NextWorld Capital.
You can read the news in our press release, and here’s Bloomberg’s take on it.
Since Stampli’s inception, we’ve been on a mission to make accounts payable more efficient. And it seems like we’re on the right track: Just this past August, we processed over 1 million invoices that collectively amount to more than $5 billion.
Our 1,300+ customers entrust Stampli’s AI for essential financial tasks, ranging from invoice capture to fraud detection. Considering these processes are the last checks before releasing funds, the stakes couldn’t be higher. Yet, our AI — you know it as Billy the Bot — has shown that technology can indeed fit seamlessly into the financial world.
Amanda Brown, who oversees finances for the Wenspok Companies, shared her story for this announcement. “Before we brought on Stampli, our AP team was nervous that the AI would be a threat rather than an asset to their jobs,” says Brown. She’s the Controller of Wenspok Companies, a $150M+ Wendy’s franchisee that operates 67 restaurant locations in 10 states.
“But with Billy the Bot now performing such time-consuming manual tasks as coding invoices to the correct general ledger accounts, the AP team has seen their responsibilities shift to projects that add much greater value to the business. Today, we think of Billy as a team member, not an AI. Honestly, we love Billy the Bot and frequently refer to it by name.”
Ease of integration: Our core promise
There are few tasks a finance team dreads more than reworking their ERP. It is a complex, time-consuming process that inevitably results in unintended consequences. That’s why Stampli has focused from its inception on automating AP without making you rework your ERP.
We’ve built integrations for over 70 ERPs, allowing you to onboard Stampli without redoing your existing systems or diving into the world of consultants. A deployment that might take months with some of our competitors only takes days with Stampli.
“Stampli has reduced our invoice processing time by 75%, which has a strategic impact on cash flow management,” says Brown. “With a more accurate picture of our operating costs, Wenspok leadership can schedule major operational projects with confidence in budgeting and timing of cash flow requirements.
“At the tactical level, Stampli has created efficiencies across the board — not just on the AP team, but for all our operating team members outside of finance that we consult to validate the bills we receive. The average invoice approval time has dropped from 16 days to 2 days, and we think we will bring that number down even further.”
Blackstone: A partnership rooted in vision
Our new partnership with Blackstone emphasizes their belief in digital transformation and AI’s transformative power. With their vast experience across numerous companies and assets, they recognize the importance of modernizing traditional processes with AI’s prowess. We’re super excited about this collaboration and look forward to achieving new heights together!
“In this macroeconomic environment, where companies have to be more careful with their spend and their cash, Stampli became the solution of choice due to our superb user experience, super-fast implementation and deep ERP integration capabilities,” says Eyal Feldman, our CEO and co-founder.
“We chose Blackstone as our partner because of our shared vision and experience driving operational efficiencies through best practices, technology and AI. I am honored that they see a similar fit in our company.
“Together, we will make Stampli one of the largest FinTech companies in the world.”
