Biller Genie, an award-winning cloud-based Accounts Receivable (A/R) automation platform, announced it recently completed a seed round of $3.5 million, led by American entrepreneur Henry Helgeson, the founder and CEO of Boston-based fintech enterprise, Cayan. Additional investors include Newtek Business Services Corp, Omar Soliman, co-founder and CEO of College HUNKS Hauling Junk & Moving, Shai Stern, co-chairman & CEO of CheckAlt LLC, Harish Nataraj, Managing Director at York Capital Management, among others.
This represents a significant milestone for the startup, which has been bootstrapped since its inception by Founder & CEO, Tom Aronica. “We are truly grateful to have the support of seasoned fintech executives and successful entrepreneurs who validate the growing need for our solution in the marketplace,” said Aronica. “Closing this round takes us one step closer to exceeding our growth objectives by fast-tracking our expansion and development plans,” he added. The company plans to use the growth capital to scale operations, accelerate distribution and speed development of new features, such as a Cryptocurrency payment option that they expect to launch this fall.
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Biller Genie was founded in 2018 by Aronica, a well-known South Florida fintech entrepreneur, who realized that small businesses in the United States face a universal problem – that their payment systems do not connect to their accounting software, causing labor bottlenecks and a poor customer checkout experience, ultimately leading to cash flow issues. Aronica’s answer with Biller Genie is an agnostic SaaS platform that seamlessly connects all major payment processing platforms with popular accounting software such as QuickBooks and Xero, automating back-office invoicing workflows and providing a white-labeled, frictionless buyer checkout experience. As a result, Biller Genie helps businesses experience a shorter invoice-to-cash cycle, a 40% reduction in overdue invoices, and gain back countless hours of wasted administrative busywork that is still performed manually by 90% of businesses worldwide. Since officially launching its SaaS model in early 2020, Biller Genie has experienced tremendous growth and projects to be managing over $2 billion per year in invoice volume by the end of 2021.
“Accounts receivable platforms like Biller Genie are changing the way small and medium sized businesses interact with their customers,” said Omar Soliman, co-founder and CEO of College HUNKS Hauling Junk & Moving, the nation’s fastest growing moving and junk removal business with a current network of over 150 franchise partners in the U.S. “The enormous demand Biller Genie has seen in the last year is validation of the impact and value it brings to all stakeholders in the revenue cycle ecosystem, and I am proud to support such an innovative team and help position them for further success,” added Soliman.
In its first year alone, Biller Genie has collaborated with PNC Merchant Services and secured national distribution partnerships with Newtek Merchant Solutions, Xendoo, Company.com (through its digital experience platform), and AccountingDepartment.com, among others. Additionally, Biller Genie received multiple awards and recognitions including 1st place in the 2020 Miami Herald Startup Pitch Competition (fintech category), 2019 CPA Practice Advisor’s Technology Innovation Award, 2021 eMerge Americas Startup finalist, 2021 US FinTech Awards finalist, and participated in the 2019 Money20/20 Startup Academy and the Electronic Payment Association’s NexTen program at TRANSACT.
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