Biller Genie, a Miami-based cloud-based Accounts Receivable automation startup, today announced it has raised a seed round of $3.5 million. The financial technology startup plans to use the funding to scale operations, accelerate distribution and speed development of new features, including a cryptocurrency payment option that the company expects to launch this fall.
This funding validates the growing need for Biller Genie’s solution in the marketplace, said Founder & CEO Tom Aronica, who has bootstrapped the company up to now. “Closing this round takes us one step closer to exceeding our growth objectives by fast-tracking our expansion and development plans.”
Aronica moved from New York to attend the University of Miami and after college started building finance companies, including SkyBank Financial, a credit card processing company. While running SkyBank, Aronica found that his small business customers complained their payment systems did not connect to their accounting software, causing labor bottlenecks and cash flow issues. He liquidated a portion of SkyBank to found Biller Genie in late 2018.
Biller Genie helps businesses get their invoices paid faster. It sends the invoices, follows up on unpaid invoices, and then when you get paid, it connects your banking to your accounting software – all automatically.
As a result of using Biller Genie, “our clients are getting paid 10-15 days faster,” Aronica said in a Refresh Miami interview earlier this year. Biller Genie also helps companies achieve a 40% reduction in overdue invoices and save 10 to 20 hours of administrative hours per week, the company says.
Biller Genie launched its current SaaS business model in 2020 and projects to be managing over $2 billion per year in invoice volume by the end of this year. Biller Genie currently has 33 employees.
The round was led by Henry Helgeson, the founder and CEO of Boston-based fintech enterprise Cayan, and included Newtek Business Services Corp, Omar Soliman, co-founder and CEO of College HUNKS Hauling Junk & Moving, Shai Stern, co-chairman & CEO of CheckAlt, Harish Nataraj, Managing Director at York Capital Management, among others.
“The enormous demand Biller Genie has seen in the last year is validation of the impact and value it brings to all stakeholders in the revenue cycle ecosystem,” said Soliman.
Photo at top of post is of Biller Genie CEO Tom Aronica and President Garima Shah; Photo provided by Biller Genie.
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