Biller Genie Raises $3.5M to Fuel Accounts Receivable Platform Expansion
Billier Genie, a Miami-based cloud-based accounts receivable automation startup, today announced that it has raised a $3.5 million funding round. The fintech startup plans to use the funding to scale operations, accelerate distribution and accelerate development of new features, including a cryptocurrency payment option that the company plans to launch this fall.
This funding confirms the growing need for Biller Genie’s solution in the market, said Founder and CEO Tom Aronica, who has launched the company thus far. “The closing of this cycle brings us closer to exceeding our growth objectives by accelerating our expansion and development plans.”
Aronica was drawn to Miami from New York at the University of Miami and after college she started building finance companies including SkyBank Financial, a credit card processing company. While running SkyBank, Aronica found his small business customers complaining that their payment systems weren’t connecting to their accounting software, causing labor bottlenecks and service issues. Treasury. He liquidated part of SkyBank to found Biller Genie in late 2018.
Biller Genie helps businesses pay their bills faster. It sends invoices, follows up on outstanding invoices, then when you get paid, it connects your bank to your accounting software – all automatically.
By using Biller Genie, “our customers are getting paid 10-15 days faster,” Aronica said in an interview with Refresh Miami earlier this year. Biller Genie also helps businesses reduce unpaid invoices by 40% and save 10 to 20 hours of administrative time per week, the company says.
Biller Genie launched its current SaaS business model in 2020 and expects to manage over $2 billion annually in invoice volume by the end of this year. Biller Genie currently has 33 employees.
The round was led by Henry Helgeson, the founder and CEO of Boston-based fintech firm Cayan, and included Newtek Business Services Corp, Omar Soliman, co-founder and CEO of College HUNKS Hauling Junk & Moving, Shai Stern, co -Chairman and CEO of CheckAlt, Harish Nataraj, Managing Director of York Capital Management, among others.
“The huge demand Biller Genie has seen over the past year is validation of the impact and value it brings to all stakeholders in the revenue cycle ecosystem,” Soliman said.
The photo at the top of the post is of Biller Genie CEO Tom Aronica and Chairman Garima Shah; Photo courtesy of Biller Genie.
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