Bill360 Company Profile

Background

Overview

Bill360 is a Florida-based fintech company specializing in accounts receivable (AR) automation for small-to-medium-sized B2B companies. Established in 2021, the company aims to streamline the invoicing and payment processes, enabling businesses to accelerate cash flow and reduce Days Sales Outstanding (DSO).

Mission and Vision

Bill360's mission is to revolutionize AR automation by bringing the simplicity of B2C payment experiences to B2B platforms. The company envisions empowering businesses to get paid faster, save time, and achieve long-term success through enhanced invoicing and payment processes.

Primary Area of Focus

The company's primary focus is on automating the AR process for B2B companies, offering solutions that include smart invoicing, payment reconciliation, and payment processing. By integrating these features, Bill360 aims to improve the invoice-to-cash process, providing automated payment-ready invoicing, seamless embedded payments, and valuable business insights.

Industry Significance

In the B2B sector, late payments are a significant challenge, with 55% of invoices in the U.S. being paid late. Bill360 addresses this issue by offering a platform that automates invoicing and payment processes, helping businesses reduce DSO and improve cash flow.

Key Strategic Focus

Core Objectives

• Accelerate Cash Flow: By automating AR processes, Bill360 aims to help businesses get paid an average of 36% faster than traditional methods.

• Enhance Efficiency: The platform seeks to eliminate manual, time-consuming tasks, saving businesses up to 15 hours a week.

• Improve Customer Relationships: Through features like a self-service portal, Bill360 enables real-time collaboration, addressing customer concerns promptly and strengthening relationships.

Specific Areas of Specialization

• Embedded B2B Payments: Bill360 offers a seamless experience that combines invoicing, payments, reconciliation, and payment wallets, tailored for the B2B environment.

• Accounting Automation: The platform automates tasks such as sending invoices, reconciling payments, and sending automated reminders, integrating with existing accounting systems like QuickBooks and Xero.

• Customer Portal: A self-service portal allows customers to track invoices, make payments, and communicate directly with businesses, enhancing the customer experience.

Key Technologies Utilized

• Cloud-Based Infrastructure: Bill360 operates on a secure, cloud-based platform, ensuring scalability and reliability.

• Integration Capabilities: The platform seamlessly integrates with accounting software like QuickBooks and Xero, facilitating smooth data synchronization.

• Embedded Payments: Bill360 provides embedded payment solutions, including digital wallets and scheduled payments, to streamline the payment process.

Primary Markets Targeted

Bill360 primarily targets small-to-medium-sized B2B companies across various industries, aiming to enhance their AR processes and improve cash flow management.

Financials and Funding

Funding History

• Total Funds Raised: Bill360 has raised a total of $5.4 million in funding.

• Recent Funding Rounds:

• Equity Round (October 2022): Raised $5.4 million.

• Debt Financing (January 2022): Raised $7.9 million.

Notable Investors

Specific details about individual investors are not publicly disclosed.

Intended Utilization of Capital

The raised capital is intended to support product development, enhance platform features, expand market reach, and strengthen customer support services.

Pipeline Development

Key Pipeline Candidates

As a software-as-a-service (SaaS) provider, Bill360's pipeline focuses on continuous platform enhancements and feature developments to meet evolving customer needs.

Stages of Development

Bill360 is in the growth stage, focusing on scaling its operations and expanding its customer base.

Target Conditions

The platform is designed to address challenges in AR processes, including late payments, manual invoicing, and inefficient cash flow management.

Anticipated Milestones

• Product Enhancements: Continuous updates to improve user experience and add new features.

• Market Expansion: Increasing adoption among small-to-medium-sized B2B companies.

Technological Platform and Innovation

Proprietary Technologies

• Smart Payment Engine: Bill360's payment system connects with various data sources to simplify the payment process and accelerate collections.

• Embedded Payments: The platform offers embedded payment solutions, including digital wallets and scheduled payments, tailored for the B2B environment.

Significant Scientific Methods

• Data-Driven Insights: Bill360 captures financial data between businesses and their customers, providing actionable insights to improve receivables collection and customer relationships.

Leadership Team

• Paul Hunter – CEO/Chairman of the Board of Directors

With over 30 years of entrepreneurial experience, Paul founded Sterling Payment Technologies, delivering fast, affordable, and secure payment processing to merchants. He has been instrumental in Bill360's growth and strategic direction.

• Kevin Sisk – President

Kevin has served as Chief Operating Officer of Bank of America Merchant Services and Wells Fargo Merchant Services, joint ventures of Fiserv. A United States Marine, he has also held leadership positions with J.P. Morgan and First Data.

• Ken Salazar – Chief Revenue Officer

A dynamic fintech leader renowned for his expertise in card-based payments, Ken excels at sustainably scaling revenue. As an investor and CRO at BillGO, he drove significant growth and secured major partnerships with financial institutions and MegaTechs.

• George Wilcox – Chief Product Officer

George has 35 years of senior leadership in payments, product, and technology. His experience includes serving as the group executive of Chase Paymentech’s product management team and senior-level positions at EVO Payments and Sterling Payment Technologies.

• Chris Arnold – Chief Technology Officer

With over 20 years of progressive technological experience, Chris has worked with companies like CARD.com, FairWarning, Gentiva Health Services, Disney, and Barnes & Noble, leading engineering and product management teams.

• Glenn Fodor – Chief Financial Officer

Glenn is a former Senior Vice President and head of Fiserv’s data analytics business. He has also worked in equity research for several bulge-bracket investment firms like JP Morgan, UBS, and Morgan Stanley. Glenn is a Chartered Financial Analyst (CFA) charterholder and was named one of Institutional Investor’s “Up-and-Coming" analysts.

Competitor Profile

Market Insights and Dynamics

The AR automation market is growing as businesses seek to improve cash flow and operational efficiency. Late payments and manual processes are significant challenges, creating opportunities for solutions like Bill360.

Competitor Analysis

• WePay: A payment service provider offering integrated payment solutions for platforms and marketplaces.

• Intuit: A financial software company providing products like QuickBooks, which includes AR management features.

• ProPay: A payment processing company offering solutions for small businesses and individuals.

Strategic Collaborations and Partnerships

Bill360 has established partnerships with accounting software providers like QuickBooks and Xero, enabling seamless integration and enhancing the platform's value proposition.

Operational Insights

Bill360 differentiates itself by offering a comprehensive AR automation platform tailored for B2B companies, integrating invoicing, payment processing, and reconciliation in a single solution. This approach addresses specific challenges faced by B2B businesses, such as late payments and manual processes.