Stampli raises $6.7 M in Series A funding to streamline invoice management

“We found that 85 percent of our users are not accounting people,” said Feldman. “[They] are all the managers around and all the other people involved. What we found in our research is that when the process works for them is when accounting is happy.”

This landing page not only provides easy access to pertinent information between departments, but Stampli’s built-in AI, Billy the Bot, helps invoice managers fill in relevant information by first learning the structure of the invoice and then learning through observation the user’s behavior and work flow. When Billy passes an 80 percent confidence threshold for its decision, it goes ahead and auto-fills the information. But, if it’s feeling unsure about its choice, Billy will leave it as a suggestion instead to avoid introducing any errors to the paperwork.

The more invoices users process through Stampli, the more Billy learns how to best streamline the process for that company.

In the arena of invoice management, Stampli faces competition from companies like Determine and Concur, which also offer all-in-one platforms for invoice management and, in the case of Concur, also incorporate machine learning to capture invoices.

According to Feldman, what helps Stampli stand apart from the competition is its emphasis on company collaboration and its no-fee installation of the software. With no upfront cost, the company only charges per invoice.