Stampli, a US-based artificial intelligence (AI)-driven accounts payable automation company, has secured $61m in a Series D venture funding round.

The financing round was led by funds managed by alternative asset manager Blackstone.

It also saw the participation of the accounts payable automation firm’s existing investors, including Insight Partners, Bloomberg Beta, SignalFire, and NextWorld Capital.

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.

“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.”

Stampli said that the total amount raised by the company has increased to over $148m with the latest funding round.

Established in 2015, Stampli also offers ePayment services.

Besides, the firm delivers an integrated suite of fintech products, including Stampli Credit Card and Stampli Direct Pay.    

The company is said to have processed more than one million invoices in August 2023 alone. This totals a collective value of over $5bn.

Stampli’s accounts payable automation platform brings together accounts payable communications, documentation, and payments in a single place.

Stampli CEO and co-founder 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 as our partner because of our shared vision and experience driving operational efficiencies through best practices, technology and AI.”

In 2021, the company secured $50m in Series C funding for its platform. The round was led by Insight Partners and had participation from SignalFire, UpWest, Hillsven, Nextworld Capital, Bloomberg, and Naver.