This week, Bill.com, a business payment and software platform, Received $88 million in investment. Franklin Templeton led the investment, followed by mastercard, fidelity investments, Kayne Anderson Rudnick, temasek, Cross Creek and Fleetcor.
Bill.com says it focuses on small and medium-sized businesses because these segments are not growing nearly as fast as the consumer payments market.
Bill.com also announced it will partner with mastercard virtual card as part of an automated accounts payable solution for small and medium-sized enterprises.
Bill.com has raised more than $275 million so far, with investments from American express, bank of America and jpmorgan chase.