Israeli AI-driven accounts payable automation startup Stampli announced last week that it raised $50 million in a Series C round for its platform which helps CFOs and controllers “close the disconnect” between accounts payables and the broader organization.
The round was led by Insight Partners, with participation from SignaFire and Nextworld Capital, which joined UpWest, Hillsven, Bloomberg, and Naver Corp.
Founded in 2014 by brothers Eyal Feldman and Ofer Feldman, Stampli is an AP automation platform that brings together accounts payable communications, documentation, and payments in one place. The company says it solves one of the most pervasive problems that plague CFOs in today’s fast-paced technology and data-driven businesses — manual accounts payable operations through a cloud-based interactive invoice management tool for accounts payable that helps get invoices approved up to five times faster than traditional methods.
Stampli has raised over $87 million in total funding to date. The company says it addresses the entire invoice process by centralizing all invoice-related communications, documentation, and history and providing a collaborative workspace for accounts payable teams and approvers to make smarter, faster invoice and payment decisions, the company said.
“In 2021, building a digital-first, modern finance organization is the top priority for CFOs and controllers. As CFOs take on more strategic responsibilities for the organization, the importance of digital transformation and collaboration across business processes, such as AP, has been raised to new levels,” said Eyal Feldman, who serves as CEO of Stampli. “Finance executives know that to keep business moving forward, automating paper-based and manual accounts payable processes is essential in the modern, global business environment.”
“Frictionless and automated business processes are a foundational requirement in today’s increasingly Digital Economy. We believe that Eyal and the Stampli team have built a unique Accounts Payable platform bringing together a collaborative user-first approach with insights from machine learning algorithms and automation. Insight is thrilled to be part of the Stampli journey towards delivering a SaaS platform that combines end-to-end process automation with financial services to disrupt the way businesses manage their AP, financial, and supplier relationships,” said Praveen Akkiraju, managing director at Insight Partners.
As part of this funding round, Akkiraju will join the Stampli Board of Directors.