Stampli Raises $61M in Series D Venture Funding Round

AI-powered accounts payable automation leader, Stampli, has raised $61 million in a Series D venture funding round. The round was led by funds managed by Blackstone and saw participation from existing investors Insight Partners, SignalFire, Bloomberg Beta, and NextWorld Capital. This raises Stampli’s total funding to over $148 million.

The accounts payable automation and B2B payments market is a large and largely untapped one. Deutsche Bank Research estimated in 2021 that the combined AP automation and ePayments represent a $70bn revenue opportunity in the US alone. The international opportunity could be three to five times larger.

Stampli’s Growth and Innovative Use of AI

Launched in 2015, Stampli has become one of the fastest-growing providers of accounts payable automation and ePayment services. In August, the company processed more than 1 million invoices, totaling a collective value of over $5 billion.

Stampli’s AI, known as Billy the Bot, is trusted with invoice capture, expense allocation, approval routing, fraud detection, and more by the company’s 1,300 accounts payable automation customers. The safe and effective use of AI in such sensitive financial applications demonstrates that AI can be successful in the finance industry.

Implementation Without Disruption: Stampli’s Core Promise

Stampli’s solution is designed to eliminate implementation risk. The company builds its ERP integrations in-house, allowing customers to implement without reworking their ERP, changing their existing processes, or engaging expensive consultants. This reduces deployment time to days instead of months.

According to Amanda Brown, Controller of Wenspok Companies, Stampli reduced their invoice processing time by 75%, impacting cash flow management significantly. The average invoice approval time has dropped from 16 days to 2 days.

Blackstone’s Investment in AI and Strategic Finance

Blackstone’s investment in Stampli underscores its thematic focus on investing in businesses that drive the digitization of the economy and enable AI adoption. With stakes in more than 230 companies and 12,600 real estate assets, Blackstone recognizes the strategic necessity to automate legacy processes with AI technology.

Eyal Feldman, CEO and Co-founder of Stampli, stated their choice of Blackstone as a partner was due to a shared vision and experience in driving operational efficiencies through best practices, technology, and AI. Blackstone’s large-scale reach stands to benefit Stampli as it continues to build a best-in-class offering.

The Future of Stampli

Yifat Oron, Senior Managing Director at Blackstone, sees Stampli as a transformative leader in the AP automation market. Stampli’s team has built a product loved by customers and differentiated by its ease-of-use and integration capabilities. The company is expected to join Blackstone’s portfolio of innovative companies.