In the fast-moving worlds of finance and technology, there’s a company that’s creating quite a buzz with its innovative way of handling accounts payable (AP) automation. Stampli, a trailblazer in this field, has just raised an incredible $61 million in a Series D funding round. This significant funding, spearheaded by Blackstone-managed funds, brings Stampli’s total funding to an impressive $148 million.
The Market Opportunity
To understand why Stampli’s funding is a big deal, let’s talk about how much money can be made with AP automation. In 2021, just in the United States, AP automation and ePayments were worth about $70 billion. And when we think about the whole world, that number could be three to five times bigger! That’s why this funding is so important.
The Current State of AP Automation
Despite the immense potential, AP automation is still in its infancy. A report titled “Solving Accounts Payables’ Top Frictions With Automation,” produced by PYMNTS and Corcentric, reveals that only 28% of companies have implemented automation to support AP workflows in the past year. This leaves a significant portion of businesses without the benefits of automation, leading to various challenges in their financial operations.
The report also sheds light on the common friction points businesses face in their source-to-pay cycle. On average, companies encounter disruptions in nearly three out of eight areas within this cycle. These challenges include shipping issues, invoice errors, discrepancies, and order quality and accuracy disputes, all of which can hinder the smooth operation of businesses.
Stampli’s latest funding round signals a growing recognition within the industry of the importance of AP automation. With this financial boost, Stampli plans to address these pain points by offering advanced AI-powered solutions. These solutions aim to make the AP process smoother, more efficient, and less prone to errors, ultimately saving businesses time and resources.
Generative AI in B2B eCommerce
In addition to Stampli’s innovations, the world of business is witnessing the increasing adoption of generative AI in streamlining B2B eCommerce. Generative AI has emerged as a game-changer, particularly in solving complex issues like wrongly tagged items, which were previously challenging to address. Its ability to generate new attributes, correct inaccuracies, and enhance search criteria holds immense potential for transforming product data management in the B2B space.
In conclusion, Stampli’s recent $61 million funding marks a pivotal moment in the world of AI-powered accounts payable automation. It underscores the growing importance of streamlining financial processes. Additionally, the adoption of generative AI in B2B eCommerce shows a commitment to technology-driven efficiency. Embracing these innovations can give businesses a competitive edge in today’s dynamic marketplace. Stay tuned for more exciting developments in accounts payable automation.
What is Stampli, and why is its recent funding important?
Stampli is a company specializing in AI-powered accounts payable solutions. Its recent funding of $61 million in a Series D round is important because it reflects the growing recognition of the significance of accounts payable automation in businesses. This funding will enable Stampli to further develop its innovative solutions, potentially benefiting a wide range of companies.
How do accounts payable automation work, and what are its benefits?
Accounts payable automation involves using technology, like AI and software, to streamline the management of bills, invoices, and payments. It automates tasks such as data entry and invoice approval workflows. The benefits include increased efficiency, reduced errors, better financial visibility, and improved cash flow management for businesses.