The round was led by New York-based global investment firm Franklin Templeton and joined by others such as Mastercard, workplace payment products supplier FLEETCOR, Fidelity Investments Canada ULC and other US-based investment firms such as Kayne Anderson Rudnick and Cross Creek.
Bill.com claims to have over 3 million members on its platform, with more than $60 billion in payments managed annually. It has partnered with accounting software providers such as NetSuite, Intacct, QuickBooks and Xero and CPA.com.
Temasek is a repeat investor in Bill.com. The Singapore-based firm had participated in Bill.com’s $100-million round with JP Morgan Chase in 2017.
The investment represents a continued interest by Temasek in the global payments space. Last year, it led a $100 million Series D round in Flywire that handles digital payments, including B2B transactions. It also teamed up with PayPal for a $125-million investment raised by Pine Labs in India, a provider of point-of-sale (POS) technology.