Singapore’s Temasek and US-based JP Morgan Chase have led a funding round for US business payments network Bill.com that has raised $100 million while China’s National Small and Medium-size Enterprises Development Fund has led $11 million series A investment round in Misspao that develops mini fitness rooms.
JP Morgan, Temasek lead $100m round for US-based Bill.com
Singapore’s Temasek and US-based JP Morgan Chase have led a funding round in US business payments network Bill.com that has raised $100 million bringing the total financing till date to $200 million.
The funds will be used to accelerate Bill.com’s distribution into banks and accounting firms, and to continue the rapid adoption of the Bill.com payment network, the Palo Alto, CA based company said in an announcement on Tuesday.
The round includes participation from the lead investors in each of the previous rounds. Among them are August Capital, Scale Ventures, Napier Park, DCM, Icon Ventures and Emergence Capital.
“The last chasm to cross in digital payments is business payments. Eighty percent of all payments made by U.S. businesses today involve paper checks, and it’s about time we change that,” said René Lacerte, CEO and founder of Bill.com. He added that businesses deserve the same digital payment experience expected as consumers. “With this capital, we will double down on our efforts to shift digital payments from early adoption to major, widespread market acceptance,” Lacerte said.
The company partners with four of the top 10 largest US banks, more than 50 accounting firms, major accounting software providers including Intuit and Xero.
Chinese SME fund leads $11m round in Beijing-based mini gym Misspao
China’s National Small and Medium-size Enterprises Development Fund has led $11 million series A investment round in Chinese start-up Misspao that develops mini fitness rooms.
According to a report from China Money Network, other participants in the round include Matrix Partners China, ChinaEquity Group, Whales Capital and Lieying Capital.
Misspao, a mini-gym can be used by people by making reservations for nearby Misspao fitness room via mobile app, and enter the room by scanning their smartphones. Each of the fitness rooms is equipped with one treadmill, air cleaner, solar power supply system and Internet-connected TV for entertainment.
The startup was founded in 2017 in Beijing by Bi Zhen who previously worked on China’s food-delivery app Ele.me.