In a significant stride towards revolutionizing the accounts payable automation landscape, Stampli, a pioneering force in AI-powered accounts payable automation, has proudly announced its successful Series D venture funding round. This milestone round was led by the formidable Blackstone, accompanied by a consortium of steadfast investors, including Insight Partners, SignalFire, Bloomberg Beta, and NextWorld Capital. With this infusion of capital, Stampli has now amassed an impressive total of over $148 million in funding.
The accounts payable automation and B2B payments sector, often overshadowed, is a colossal market. The universal need for businesses to manage and settle bills underscores the sheer magnitude of this industry. In an effort to quantify this opportunity, Deutsche Bank Research projected in 2021 that the combination of AP automation and ePayments represents a staggering $70 billion in revenue potential in the United States alone, without even accounting for international opportunities, which could potentially be three to five times larger.
Founded in 2015, Stampli has rapidly ascended to become one of the fastest-growing providers of accounts payable automation and ePayment services. A testament to their prowess, in the month of August alone, Stampli seamlessly processed more than 1 million invoices, aggregating to a remarkable total value exceeding $5 billion.
A Paradigm for AI in Financial Applications
What sets Stampli apart is its profound commitment to ensuring the highest standards of accuracy and security in the realm of AI. Stampli’s AI is entrusted with critical tasks such as invoice capture, expense allocation, approval routing, and fraud detection – all of which represent the final checkpoints before funds are disbursed. In this high-stakes arena, there is zero tolerance for errors or inconsistencies.
Stampli’s success story serves as a compelling model for the effective integration of AI into sensitive financial processes. In an era where CFOs are under immense pressure to adopt AI for streamlined workflows, cost efficiency, and error reduction, Stampli offers a blueprint for not only harnessing AI’s power but also ensuring that it is embraced as a valuable partner rather than a threat.
Amanda Brown, the Controller of Wenspok Companies, a thriving Wendy’s franchisee operating 67 restaurant locations across 10 states with revenues exceeding $150 million, attests to the transformative impact of Stampli’s AI. She shared, “Before we brought on Stampli, our AP team was nervous that the AI would be a threat rather than an asset to their jobs. But with Billy the Bot now performing such time-consuming manual tasks as coding invoices to the correct general ledger accounts, the AP team has seen their responsibilities shift to projects that add much greater value to the business. Today, we think of Billy as a team member, not an AI. Honestly, we love Billy the Bot and frequently refer to it by name.”
Seamless Implementation Without Disruption
The allure of accounts payable automation lies in its efficiency and cost benefits. For CFOs, choosing the right provider is paramount, with a primary concern being the minimization of disruption during implementation and the swift realization of value.
Stampli’s solution is engineered with this concern in mind. They develop their ERP integrations in-house, ensuring seamless support for a full range of native functionality. This approach allows customers to implement without overhauling their existing ERP systems, altering established processes, or incurring substantial consultancy fees. The result is a reduction in deployment time from months to mere days. Stampli’s adaptability is particularly well-suited for intricate multi-entity corporate structures, highly regulated industries such as healthcare, and businesses that have previously automated their AP processes but have been left unsatisfied with their current providers.
Astonishingly, Stampli has slashed invoice processing times by 75% for organizations like Wenspok Companies. Amanda Brown from Wenspok further emphasized the substantial benefits, stating, “Stampli has reduced our invoice processing time by 75%, which has a strategic impact on cash flow management. With a more accurate picture of our operating costs, Wenspok leadership can schedule major operational projects with confidence in budgeting and timing of cash flow requirements. At the tactical level, Stampli has created efficiencies across the board — not just on the AP team, but for all our operating team members outside of finance that we consult to validate the bills we receive. The average invoice approval time has dropped from 16 days to 2 days, and we think we will bring that number down even further.”
Beyond the Basics
Stampli doesn’t stop at accounts payable automation; they offer a comprehensive suite of FinTech products. This includes Stampli Credit Card and Stampli Direct Pay, rounding out their offerings to cater to a wide range of financial needs.
Blackstone’s Strategic Investment
Blackstone’s pivotal role as the lead investor in this funding round underscores its strategic vision. This investment aligns with Blackstone’s focus on backing businesses that are shaping the digitization of the economy, particularly those driving and benefiting from AI adoption. Stampli occupies a unique position at the intersection of these trends, making it an ideal partner for Blackstone.
With a vast portfolio encompassing more than 230 companies and 12,600 real estate assets, Blackstone intimately understands the importance of automating legacy processes with the aid of AI technology. This partnership with Stampli further solidifies Blackstone’s commitment to equipping its portfolio with the necessary tools and technologies to thrive in the digital era. Moreover, Blackstone’s dedication to streamlining procurement across its portfolio and leveraging data for strategic insights stands to greatly benefit Stampli as it strives to create a best-in-class offering.
In conclusion, Stampli’s latest funding milestone, led by Blackstone, not only signifies a significant step forward in the world of accounts payable automation but also underscores the growing prominence of AI in the financial sector. With Stampli’s innovative approach and commitment to seamless implementation, they are poised to make waves in a market with immense untapped potential.