BillingPlatform Raises $10 Million Series B to Grow Billing Software Business
The Company Is on Pace to Double Its Revenue and Headcount for the Third Year in a Row
BillingPlatform, a global, cloud-based monetization and billing software provider, has raised $10 million in Series B funding from Columbia Capital. The money will be used to continue product development, customer success programs, and go-to-market efforts. BillingPlatform has now raised $14 million from Columbia since 2017.
According to MGI Research, the market for monetization software tools is growing dramatically and represents expanding opportunity with a total addressable market exceeding $172 billion from 2018 to 2022. MGI identified key growth drivers including new business models based on recurring and usage-based pricing, increased adoption of Internet of Things (IoT), the drive to automate and digitally transform the enterprise, and the economics and agility of cloud-based solutions.
The BillingPlatform system includes tools for account and contract management, collections and dunning, business intelligence, revenue recognition and invoicing, while providing organizations the flexibility to support any kind of monetization model, ranging from standard and usage-based billing to subscription. BillingPlatform’s newest customers include Amadeus, Asurint, Conifer Health Solutions, NBT Bank, Valmont Industries, and Xandr, joining an extensive base of enterprises across various industries.
BillingPlatform was named a Strong Performer in The Forrester Wave™: SaaS Billing Solutions, Q4 2019 with the top score in the Platform criterion, the second highest score in the Billing Management criterion, and the highest score possible in the Partner Ecosystem criterion. BillingPlatform was also included on Constellation Research’s “Short List” of Smart Services for Digital Monetization, and MGI’s 360 Market Ratings Report for Agile Billing Solutions. BillingPlatform earned a number of awards in 2019, including a SIIA CODiE for the Best Billing & Subscription Management Solution and an American Business Awards Gold Stevie Award for Company of the Year – Computer Software.
“BillingPlatform is the first and only stop for enterprise customers who understand the pivotal role that billing plays in the customer experience,” said Dennis Wall, CEO at BillingPlatform. “Whether a company is introducing new offerings like IoT, direct-to-consumer, or sharing models – or re-imagining existing ones, we give our customers the freedom to innovate, and the security of total control. We are delighted that Columbia Capital shares our commitment to this mission.”
“Enterprises serving both B2B and B2C markets are continuously looking for new revenue streams and are realizing that agile monetization is an effective differentiator,” said Jason Booma, Partner at Columbia Capital. “Innovative companies need highly configurable solutions that support any unique pricing or business model and can quickly adapt to changes such as M&A activity and new product launches. BillingPlatform is well positioned to serve these customers and continue its accelerated growth path.”