NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N) and Temasek Holdings [TEM.UL] have led a $100 million funding in Invoice.com, a Palo Alto, California-based firm that helps enterprise digitize their funds.

The spherical, which included participation from current buyers, will probably be utilized by the corporate to develop its distribution, Invoice.com stated on Tuesday.

The funding comes after the corporate revealed final month that it had partnered with JPMorgan to assist its enterprise purchasers make and obtain funds electronically.

Invoice.com, which runs a big enterprise cost community in the USA, is among the many cohort of younger expertise corporations which might be in search of to assist modernize monetary companies by making higher use of expertise.

Enterprise-to-business funds in the USA have been significantly sluggish to adapt to new digital applied sciences.

Over 50 % of business-to-business funds by organizations in the USA had been made by test in 2016, based on the Affiliation for Monetary Professionals.

Invoice.com’s expertise may be built-in into the web sites of banks and accounting software program suppliers to make it simpler for companies to ship and obtain funds digitally.

The corporate has 100,000 clients, which characterize greater than 1 % of U.S. companies, and is trying to develop its attain, René Lacerte, chief govt officer and founding father of Invoice.com stated in an interview. It additionally plans to make use of the funding to boost its product, he stated. “Examples can be worldwide funds,” Lacerte stated.

He famous companies ought to have entry to the identical digital funds expertise as customers who are actually accustomed to fashionable purposes comparable to PayPal Holdings Inc’s (PYPL.O) Venmo.

Invoice.com at present course of $50 billion in funds a 12 months and in addition has partnerships with accounting software program suppliers Intuit Inc (INTU.O) and Xero.

JPMorgan’s funding underscores a rising curiosity by massive monetary establishments in backing and partnering with younger monetary expertise corporations.

Many have arrange enterprise capital arms over the previous few years to make strategic investments in startups in areas starting from funds, to wealth administration.

“They wish to leverage the capabilities of fintech corporations,” Lacerte stated.

American Categorical Co (AXP.N) and Silicon Valley Financial institution are additionally backers of Invoice.com.

(In sixth paragraph, firm corrects share of funds by test)

Reporting by Anna Irrera; Enhancing by Lisa Shumaker

Our Requirements:The Thomson Reuters Trust Principles.
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