Bill.com Raises New Money, Now Valued at $1 Billion

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Bill.com, a business payment platform, has powered its growth to unicorn status, the 14th U.S. startup to do so this year.

The company raised $88 million in its latest funding round, thanks to funding contributed by Franklin Templeton investments and several financial companies including Mastercard and Fidelity Investments Canada. This latest funding pushes Bill.com to a valuation of $1 billion.

The company thus far has raised $288 million in funding.

“We have a lot of great opportunities to leverage the capital, said Bill.com’s CEO Rene Lacerte to the business news channel Cheddar Wednesday.

Bill.com plans to use the new capital to grow the number of companies using its services. The company also plans to further its relationship with Mastercard to allow businesses to use virtual credit cards to process payments instead of checks.

The Palo Alto, Cal. based company gets its revenues with processing and transaction fees. Since it was launched in 2006, it has 3 million members (including such large banks as PNC Bank, Bank of America and JP Morgan Chase), and manages more than $60 billion in payments per year.

See where Bill.com ranks among unicorns with our UnicornWatch