The funding will enable Billtrust to continue its growth strategy and to pursue additional acquisitions.
The company sees opportunities in the payment process in industries that range from electronics to trucking to consumer products and even more opportunity as businesses continue to address the lag in electronic adoption in the B2B payments space.
Billtrust works with businesses to streamline their invoice-to-cash processes. Billtrust has made several strategic acquisitions over the past five years including Open Scan Technologies in 2014, Best Practice Systems, and Mark Altman & Associates. Besides acquisitions, the additional funding will be used to support further expansion into domestic and international markets and increased marketing activity.
Bain Capital Ventures, which made its first investment in Billtrust in 2012, also participated in this fund raising.
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