Bill.com processed $41.7 billion in total payment volume for Bill.com customers in the fourth quarter, an increase of 64 percent year-over-year.
The company was able to process 8.2 million transactions for customers in the fourth quarter, which was a boost of 46 percent year over year, according to a Thursday (Aug. 26) announcement.
The full fiscal year saw a processing of 29.2 million transactions, which was a 22 percent boost.
“Our strategic initiatives drove strong adoption of our platform and set us up well for future opportunities,” said René Lacerte, Bill.com CEO and founder. “We expanded our e-payment offerings to make it easy for businesses to get paid faster, extended our reach with new strategic partners, and entered the spend management space with our acquisition of Divvy.”
The company, he said, is building “one-stop shop platform” for small and medium-sized businesses (SMBs) “to manage all their financial operations and B2B spend.”
Meanwhile, the company also acquired Divvy, a company working in spend management for small businesses. PYMNTS writes that the purchase will go for $2.5 billion.
Divvy works on merging expense management accounts and corporate cards and is headquartered in San Jose. Bill.com, with the new acquisition, plans to keep enriching its vision to transform small businesses. CEO Lacerte said the goal was to drive digital transactions, saying it will “provide more automation and real-time information to SMBs, enabling them to make more informed decisions.”
The company has also signed an agreement to buy Invoice2go, an accounts-receivable software provider for smaller businesses, for $625 million.
Invoice2go has provided new opportunities for businesses and freelancers to manage invoices, payments and expanding their client bases.
Both companies issued a statement saying the integration of Invoice2go with Bill.com would help simplify AR operations, helping companies get paid faster and more conveniently via the electronic payment options. Lacerte was quoted in the PYMNTS report saying that the transaction came as many companies were looking to get away from paper checks in favor of eCommerce.