AI powered Accounts Payable Automation platform Stampli secured $50 Million

Stampli, a California based Artificial Intelligence driven Accounts Payable Automation platform provider has secured $50 million in Series C funding.

Stampli is founded by Eyal Feldman. The startup offers a complete Accounts Payable automation platform. It brings together accounts payable communications, documentation, and payments in one single dashboard. 

The accounts payable platform also offers Artificial Intelligence powered Billy the Bot. The Stampli's AI driven accounts payable bot learns an organization's unique patterns to simplify GL and costing-related coding, automate approval and verification flows, reduce time spent on manual data entry and identify duplicate invoices, notes the announcement. 

Also, the accounts payable automation platform enables CFOs and controllers to close the disconnect between the account payables and the broader organization. Stampli’s accounts payable platform integrates with different financial systems, which includes QuickBooks, Microsoft Dynamics, SAP, NetSuite, Sage Intacct, and more.

Eyal Feldman, co-founder, and CEO of accounts payable automation platform Stampli, 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. 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."

Praveen Akkiraju, Managing Director at Insight Partners, said, "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".

The Insight Partners led the latest funding round for the accounts payable automation platform.  Other participating investors include the NextWorld Capital and SignalFire, which is being joined by Bloomberg, UpWest, Hillsven, and Naver Corp. The latest funding round brings the startup's total funding secured to around $87 million, notes the announcement.

Post funding, Praveen Akkiraju, the Managing Director at Insight Partners, will join the Stampli Board of Directors team.

The funding will be used to improve the accounts payable automation platform and to help controllers back in control of payables, notes the announcement.