BillingPlatform raises $90M growth round from FTV
BillingPlatform, a Denver-based enterprise revenue lifecycle management startup, raised $90 million in growth equity from FTV Capital.
Why it matters: Companies with complex billing relationships need tools that can manage customer relationships and maximize profitability.
How it works: BillingPlatform helps clients manage everything from simple subscriptions to sophisticated usage-based pricing models, enabling them to reduce operational costs and increase profitability.
- The platform ingests end customer data from its clients, turns it into chargeable events, pushes those chargeable events into invoices, and acts as an [accounts receivable] AR sub-ledger, enabling enterprises to recognize that revenue, according to CEO Dennis Wall.
- It also provides a module to automate the collections process and a customer portal for vendors and end customers to interact with for invoicing, bill pay, and other communications.
Between the lines: The company serves mainly large enterprise customers with complex billing needs and customer relationships, but has a particular strength in SaaS and fintech verticals, which is part of the reason for bringing on FTV as an investor.
- "Their expertise, their pattern recognition, their past experience with SaaS companies [and] fintech companies, as well as supporting companies high-growth software companies, make them a great fit for us," Wall says.
The intrigue: BillingPlatform operates purely as a SaaS platform today, but there are areas where it can expand.
- For example, it integrates with customers' select payment processors but does not monetize the payment flow itself.
- "As we've started to get larger, we believe there's a really interesting opportunity there for us to capture... And I think it's one of the one of the future strategies we will be exploring as we continue to scale," Wall says.
Of note: With the investment, FTV Capital partners Kyle Griswold and Richard Liu will join BillingPlatform's board.
- Stifel acted as financial adviser to BillingPlatform, and DLA Piper and Kirkland & Ellis served as the parties' legal advisers.