Biller Genie, a cloud-based e-invoicing platform for businesses, will scale its operations and accelerate the distribution of new products after closing a $3.5 million seed financing round.
The startup’s investors include Henry Helgeson, founder and CEO of Boston-based financial tech firm Cayan; Harish Nataraj, managing director at York Capital Management; and Newtek Business Services Corp., the operator of Boca Raton-based lender Newtek Small Business Finance (Nasdaq: NEWT).
It’s the first major investment for Miami-based Biller Genie, which has been largely bootstrapped since its founding in 2018, said CEO Tom Aronica.
“Closing this round takes us one step closer to exceeding our growth objectives by fast-tracking our expansion and development plans,” he said.
Part of that growth capital will be used to develop new products and features for the Biller Genie platform, including a cryptocurrency payment option expected to debut this year. The company has 33 employees and is already hiring more workers at its Miami headquarters.
Biller Genie’s accounts receivable and e-invoicing services help business boost their cash flow by automating time-consuming administrative work. Its software-as-a-service platform connects major processing platforms with accounting services like QuickBooks to automate invoicing workflows.
According to Biller Genie, its services can help businesses get paid faster and reduce overdue invoices by 40%.
Aronica previously told the South Florida Business Journal that cash flow issues are one of the top impediments to a new venture’s success. Late payments from customers can prevent businesses from paying vendors or even making payroll, highlighting the need to shorten the invoice-to-cash cycle.
Biller Genie released a beta version of the software in early 2019 that already has thousands of customers. The company reports it’s on track to manage more than $2 billion in invoice volume by the end of this year.