raises $8.5 million

Chris Caceres · August 4, 2009 · Short URL:

Online bill management company working on ridding the paper out of the payments, a Palo Alto, Ca.-based company, has closed $8.5 million in VC financing.  The round is led by August Capital and joined by return backers DCM and Emergence Capital.   This brings’s total investment to more than $17 million.

The company focuses on online bill management for accounting firms and small & mid-sized businesses.  It provides SaaS applications, which automate paperless bill management and payment, while at the same time, syncs with common accounting applications like QuickBooks and Intacct.  

It recently launched ePayments – which allows employers to pay employees or anybody else it owes money to, via direct deposit.  This is where the appeal for comes into place, since the electronic bill payment service has the potential to save vendors money.


To use these services, charges $24.99/per user/per month.  Additional users cost $9.99 per month.


By ridding of paper all together and routing payments electronically, says it product results in time and cost savings to finance personnel of over 50%.

Rene Lacerte, who is the CEO of, previously worked in the same space.  He founded PayCycle back in 1999, which sold to Intuit last month for $170 million.  He commented on how will use the funding sharing, “The new capital will greatly enhance’s expansion as we continue to revolutionize the way businesses manage and pay bills.”

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