Israeli Fintech Startup Stampli Founded by Two Brothers, Raises $50 Million
Stampli is a complete AP automation platform.
Stampli co-founders, brothers Eyal Feldman, CEO (Right) and Ofer Feldman, CTO (Left) (Photo Business Wire)
Stampli is an Israeli startup which utilizes artificial intelligence for fintech. The company, which was founded by two brothers, just raised $50 million in Series C funding for their platform, which helps CFOs and controllers close the disconnect between accounts payables and the broader organization. Stampli’s total funding to date is over $87 million.
Founded in 2014 by brother Eyal Feldman (CEO) and Ofer Feldman (CTO), Stampli is a complete AP automation platform that brings together accounts payable communications, documentation, and payments in one place. The company states that by centering communications on top of the invoice itself, AP departments collaborate and communicate better with approvers, vendors, and anyone involved with purchases, allowing approvals to happen 5x faster.
Stampli’s AI is called Billy the Bot. It learns an organization’s unique patterns to simplify GL and costing-related coding, automate approval and verification flows, identify duplicate invoices, and reduce time spent on manual data entry. Stampli boasts that its “flexible platform fits seamlessly into any existing processes and integrates with financial systems, including NetSuite, Sage Intacct, QuickBooks, Microsoft Dynamics, SAP, and more.”
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Stampli processes over $20 billion invoices annually and was recently named a Top 50 Most Promising Startup in Israel. In the last year, Stampli was named a leader in G2 Grid for AP Automation seven times; awarded The Best AP Solution from Fintech Breakthrough for 2021; named The Best AP Automation Company in the USA from New World Report, and Eyal Feldman was named to The Software Report’s Top 50 CEOs of 2020.
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Are you ready? Because we’re definitely ready! Stampli’s bringing pain-free Accounts Payable to companies everywhere. Now with $50 Million in Series C funding to help us accelerate the mission.
Read more on how Stampli will use the new raise at: https://t.co/NW1W5VHRIA. pic.twitter.com/gB4SlR4ROt
— Stampli (@Stampli) May 12, 2021
“In 2021, building a digital-first, modern finance organization is the top priority for CFOs and controllers. As CFOs take on more strategic responsibilities for the organization, the importance of digital transformation and collaboration across business processes, such as AP, has been raised to new levels,” said Eyal Feldman. “Finance executives know that to keep business moving forward, automating paper-based and manual accounts payable processes is essential in the modern, global business environment.”
“Frictionless and automated business processes are a foundational requirement in today’s increasingly Digital Economy. We believe that Eyal and the Stampli team have built a unique Accounts Payable platform bringing together a collaborative user-first approach with insights from machine learning algorithms and automation. Insight is thrilled to be part of the Stampli journey towards delivering a SaaS platform that combines end-to-end process automation with financial services to disrupt the way businesses manage their AP, financial, and supplier relationships,” said Praveen Akkiraju, Managing Director at Insight Partners. As part of this funding round, Akkiraju will join the Stampli Board of Directors.
