AP automation start-up Stampli raises $61m in Blackstone-led Series D
Stampli, a US-based platform for automating accounts payable (AP) operations with artificial intelligence (AI), has raised $61 million in a Series D venture funding round.
Stampli raises $61m in Series D funding round
The round was led by funds managed by investment giant Blackstone, while the company’s existing investors – Insight Partners, SignalFire, Bloomberg Beta and NextWorld Capital – also participated in the Series D. The fresh cash injection brings the total amount raised by Stampli since it was launched in 2015 to $148 million.
Incorporating the “safe and effective use of AI” within functions across invoice capture, expense allocation, approval routing and fraud detection, Stampli provides a suite of AP automation and e-payment services to the midmarket to enable business transactions to be completed with “zero tolerance for errors or hallucinations”.
It claims to have processed more than 1 million invoices totalling a collective value of more than $5 billion in August of this year.
Speaking on Stampli’s latest raise, CEO and co-founder, Eyal Feldman, attributes the company’s commercial viability to the need for businesses to “be more careful with their spend and their cash”.
Yifat Oron, Blackstone’s senior managing director, says the need to build digital-first organisations is a “top priority” for CFOs and controllers, adding that “we are still in the early innings of AP automation”.
