The plans to offer Mastercard virtual cards are part of the Bill.com automated accounts payable solution for small and midsize businesses. Mastercard virtual cards add a new electronic alternative to checks as Bill.com continues to digitize payments. Payment via virtual card provides faster funds availability to suppliers along with the data needed to easily match payments with receivables. The new payment option is now integrated into the Bill.com accounts payable workflow on the cloud-based platform.
The announcement follows a funding round of USD 88 million by Franklin Templeton, Mastercard and certain funds managed by Fidelity Investments Canada. Other participants in the current round include Kayne Anderson Rudnick, Temasek, Cross Creek and FLEETCOR. Bill.com has raised more than USD 275 mln to date which has included investments from American Express, Bank of America, and JP Morgan Chase.
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