US-based bill management and payment processes automation services provider Bill.com has completed a Series C financing round which brought the company USD 8.5 million in additional capital.

The new round was led by Jafco Ventures and included participation from existing venture capitalists DCM, Emergence Capital and August Capital. As part of this financing, Nick Sturiale, general partner at Jafco Ventures, has joined the Bill.com board of directors.

Bill.com has now raised over USD 25 million as it pursues its vision of end-to-end paperless bill management and payment to the millions of SMEs who predominantly still pay bills by hand. While over 70 percent of consumer bills are paid online only a fraction of that is true for businesses. Businesses are still shuffling and filing paper and printing, signing and mailing paper cheques.

Bill.com is an on-demand accounts payable application for CPAs and small and midsized businesses. Bill.com users can receive, route and pay invoices electronically. Invoices are emailed, scanned or faxed into the Bill.com service. Digital images of invoices are then routed electronically for approval, ensuring a complete audit trail. Bill.com also handles cheque printing and mailing as well as electronic payments.