Israeli AI-powered accounts payable automation company Stampli today announced the completion of a $61 million Series D financing round led by funds managed by Blackstone, with the participation of existing investors Insight Partners, SignalFire, Bloomberg Beta and NextWorld Capital. This latest funding round brings the total amount raised by the company to over $148 million.
Founded in 2015 by brothers Eyal and Ofer Feldman, the company has developed an AI-driven AP automation innovator, which helps CFOs and controllers close the disconnect between accounts payables and the broader organization. The company has 230 employees, including 76 in Israel, according to IVC.
Stampli is today one of the fastest-growing providers of accounts payable automation and ePayment services. In August alone, Stampli processed more than 1 million invoices totaling a collective value of more than $5 billion.
CEO Eyal Feldman said, "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. We chose Blackstone, the largest alternative asset manager in the world, as our partner because of our shared vision and experience driving operational efficiencies through best practices, technology and AI. I am honored that they see a similar fit in our company. Together, we will make Stampli one of the largest FinTech companies in the world."
Blackstone senior managing director and head of the firm’s office in Israel Yifat Oron added, "In today’s environment, building a digital-first modern finance organization is a top priority for CFOs and controllers. While we are still in the early innings of AP automation, Stampli stands out as a transformative leader in this extremely large, underpenetrated market. Stampli’s best-in-class team has built a product loved by customers and differentiated by its ease-of-use and out of the box integration."
Published by Globes, Israel business news - en.globes.co.il - on October 3, 2023.
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