California-based fintech Stampli, which leverages artificial intelligence (AI) to automate accounts payable (AP) processes for businesses, has secured over $60 million in Series D funding, bringing its total funding to nearly $150 million. Blackstone led the $61 million raise, with participation from existing investors, including Insight Partners, SignalFire, Bloomberg Beta, and NextWorld Capital.
Launched in 2015, Stampli employs AI to streamline tasks such as invoice capture, expense allocation, approval routing, and fraud detection. The technology not only saves time for CFOs but also incorporates safeguards to prevent errors and reduce costs in supplier payments. Stampli offers quick integration with more than 70 different Enterprise Resource Planning (ERP) systems, including Sage, Oracle, Microsoft, QuickBooks, and SAP. The company already serves 1,300 customers and processed over 1 million invoices valued at over $5 billion in August alone.
According to Deutsche Bank’s research, the combined market for AP automation and e-payments in the United States alone represents a $70 billion revenue opportunity, with the international market being even more substantial.
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