Ofer Feldman and Eyal Feldman/Stampli
Stampli raises $61m for AI-powered accounts payable
“Together, we will make Stampli one of the largest fintech companies in the world”
Stampli, a fintech using AI to automate accounts payable, has raised $61m Series D.
The funding round was led by Blackstone, with participation from existing investors Insight Partners, SignalFire, Bloomberg Data and NextWorld Capital, and brings the company’s total raised to more than $148m.
Co-founders Ofer and Eyal Feldman, chief technology and CEO respectively, founded the fintech in 2015, and have now amassed 1,300 accounts payable automation customers that make use of Stampli’s AI for invoicing, fraud detection and more.
“In this macroeconomic environment, where companies have to be more careful with their spend and their cash, Stampli became the solution of choice due to our superb user experience, super-fast implementation and deep ERP integration capabilities,” Feldman said.
He noted that the company chose Blackstone because of their shared vision and experience with “best practices, technology and AI”.
“Together, we will make Stampli one of the largest fintech companies in the world,” Feldman added.
The use of AI to automate the accounts payable function for businesses allows chief financial officers to save time but with the assurance that there are safeguards in place to stop errors.
Stampli says it also provides a blueprint for CFOs to maintain human validation of critical data and ways to ensure team members are comfortable using the AI.
“In today's environment, building a digital-first modern finance organisation is a top priority for CFOs and controllers,” Blackstone senior managing director Yifat Oron said.
“While we are still in the early innings of AP automation, Stampli stands out as a transformative leader in this extremely large, underpenetrated market.”
In August alone the company processed over one million invoices valuing more than $5bn in total.