Biller Genie, a Miami, FL-based provider of an AR automation and B2B payments platform, raised $5M in Series A funding.
The round was led by Henry Helgeson, who will join the Board of Directors.
The company intends to use the funds to further product expansion, automate onboarding, expand distribution channels, and develop new tools including APIs.
Led by CEO Thomas Aronica, and President Garima Shah, Biller Genie is a cloud-based accounts receivable automation and integrated B2B payments platform that automates bill presentment, follow up, online payments, and reconciliation for small-and-mid-sized businesses. The SaaS based technology integrates with accounting software and all major payment processing platforms, streamlining workflows for its subscribers while giving their customers a branded and frictionless checkout experience. On average, Biller Genie subscribers get paid up to 15 days faster, experience a 40% in overdue invoices, and save 10-20 hours of administrative work per week.
With a current subscription base of 1,500 small and mid-sized business, the platform is currently managing over $3 billion in annual invoice volume. Biller Genie supports every major payment provider in the US, including Fiserv / First Data, FIS / Global, Heartland, Chase, Elavon, TSYS, and Worldpay, through its suite of gateway integrations, with connections to providers such as USAePay, NMI, Paytrace, iCheckGateway, Accept.Blue, Phoenix Managed Networks, and more.
Following its collaboration with PNC Merchant Services®, Biller Genie is also integrating to payment gateway provider Tempus Technologies, acquired by PNC Bank in January 2021, to connect with the bank’s current payment platforms – like Zelle, wire transfer, automated clearing house (ACH) and RTP Network. Additionally, Biller Genie was recently selected by Newtek Business Services Corp (Nasdaq: NEWT), an internally managed business development company, to provide an integrated suite of branded AR tools for Newtek Bank’s depository and non-depository clients, subject to regulatory approvals of Newtek’s pending acquisition of the National Bank of New York City.
