Silicon Valley Bank's expansive roster of small business clients gives it a giant window into the technology world, as long it's paying attention to the software being used by its customers.
Sometimes the bank gets excited enough about a product to invest directly in the start-up that created it. That wasn't the only factor in the bank's big new investment in Bill.com, but it played a role.
Bill.com, a provider of accounting software used by 600,000 businesses, said Wednesday it raised $50 million in equity and debt from Silicon Valley Bank along with existing backers including Emergence Capital, August Capital and Icon Ventures.
"They've built a good brand and something that's clearly recognized, and we've seen clients at a bunch of different stages leveraging their platform," said Jake Moseley, senior market manager for Silicon Valley Bank. They've "differentiated themselves in the space and created a very simple and scalable solution to what we believe is a very common challenge for business customers."
That challenge involves having too many bills and invoices floating around in paper form, even at a time when technology is taking over the workplace.
Founded in 2006 by Rene Lacerte, Bill.com developed cloud-based software that lets businesses of all sizes automate accounts payable and receivable. Instead of bill approvals being passed around the office in manila envelopes or tracked via spreadsheets, Bill.com's system gives accounting and finance departments visibility into all of their outstanding invoices.