35% YOY Increase Reflects Increased Digital Adoption in an Economic Downturn
Billtrust, a B2B accounts receivable (AR) automation and digital payments market leader, surpassed $100 billion in payments volume in 2022, a 35% year-over-year increase and a first for the company. In addition, with CFOs and finance leaders seeking to bolster their financial resilience amid an economic downturn, Billtrust’s client base grew to exceed 2,400 customers globally, as Billtrust enabled them to present over 423 million bills to 13 million buyers.
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“More companies are turning to Billtrust to fortify their businesses through an accounts receivable digital transformation,” said Sunil Rajasekar, Billtrust CEO. “Not only does creating a new generation of B2B digital payers support CFOs and other financial professionals by allowing them to maximize and forecast cash flow, it reduces dependence on paper checks and the U.S. mail, helping to future-proof businesses as uncertain times continue.”
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Other 2022 highlights include:
- Billtrust acquired Netherlands-based Order2Cash, a leading B2B order-to-cash platform provider. The acquisition, completed in February 2022, followed the October 2021 purchase of iController, and broadened the company’s European footprint, global presence and ability to expand its innovative Business Payments Network (BPN).
- Coupa Software, a leader in business spend management, joined BPN as a provider and the Billtrust Partner Program where Coupa can refer businesses to Billtrust’s complete order-to-cash solution.
- Billtrust expanded its BPN provider relationship with KeyBank to include B2B invoice delivery in addition to capturing payments and processing remittance data through its first-of-a-kind digital lockbox.
- American Express Company (NYSE: AXP) announced a collaboration with Billtrust to enable suppliers to streamline acceptance of American Express virtual cards.
- G2 named Billtrust as the overall Leader in the G2 Grid® Report for Accounts Receivable Automation Software for Winter 2022. Billtrust was also rated as G2’s only Leader in the Best Accounts Receivable Automation Software for Enterprise Businesses category and the overall Leader in the Best Accounts Receivable Automation Software for Medium-Sized Businesses category.
- Billtrust achieved a number of key customer wins including PepsiCo successfully deploying its automated Credit Application solution to support the distribution of HARD MTN DEW, a new Mountain Dew-branded alcoholic beverage.
- BIlltrust was acquired in mid-December 2022 by EQT, providing the company with resources and flexibility to build on its leadership position.
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