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BILL is a leading financial operations platform designed for small and midsize businesses (SMBs). The company focuses on automating financial processes to improve efficiency in managing payables, receivables, and spend and expense management. BILL offers a comprehensive suite of services that include subscription-based software, transaction processing, and interest income from customer funds.
- Transaction Fees - Processes payment transactions through its platform, generating revenue from fees charged on these transactions.
- Subscription Fees - Provides software and services to customers on a subscription basis, enhancing financial operations for businesses.
- Interest on Funds Held for Customers - Earns revenue by investing customer funds, contributing to the company's financial performance.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
René Lacerte ExecutiveBoard | Chairman, CEO, and Founder | None | Founder of BILL in April 2006; previously founded PayCycle, Inc.; extensive experience in finance, software, and payments. | View Report → |
John Rettig Executive | President and Chief Financial Officer | Director and Audit Committee Chair at Arcadia Power, Inc. | Joined BILL in June 2014; extensive financial leadership experience; oversees BILL's financial operations. | |
Ken Moss Executive | Chief Technology Officer | None | Joined BILL in April 2023; previously CTO at Electronic Arts; extensive experience in technology and AI. | |
Mary Kay Bowman Executive | EVP and GM of Payments and Financial Services | None | Joined BILL in August 2024; previously held leadership roles at Visa, Square, and Amazon; focuses on payments and financial services strategy. | |
Raj Aji Executive | Chief Legal Officer, Chief Compliance Officer, and Secretary | None | Joined BILL in August 2016; previously held legal leadership roles at Intuit, Obopay, and Xoom; expertise in legal and compliance operations. | |
Allie Kline Board | Lead Independent Director | Director at Huntington Bancshares, Inc.; Founding Principal at LEO DIX; Executive Partner at Ethos Capital | Member of BILL's Board since September 2020; extensive marketing and governance experience; former CMO of AOL. | |
Allison Mnookin Board | Director | Director at LPL Financial Holdings, Inc.; Member of Advisory Board of Mass. Fintech Hub | Member of BILL's Board since July 2019; former CEO of QuickBase; extensive experience in SaaS and small business technology. | |
Brian Jacobs Board | Director | Founder and General Partner at Emergence Capital Partners; Founder and Managing Partner at Moai Capital | Member of BILL's Board since August 2007; extensive venture capital experience in SaaS and B2B cloud services. | |
Dan Wernikoff Board | Director | None | Appointed to BILL's Board in January 2025; former CEO of LegalZoom and EVP/GM at Intuit; expertise in scaling technology businesses. | |
David Hornik Board | Director | General Partner at August Capital; Founder and General Partner at Lobby Capital; Board Member at Fastly, Inc. | Member of BILL's Board since May 2016; extensive venture capital experience; expertise in SaaS and technology governance. | |
Keri Gohman Board | Director | Board Member and Advisor at CARET | Appointed to BILL's Board in January 2025; former CEO of CARET and Partner at Bain Capital Ventures; extensive experience in SaaS and SMB technology. | |
Scott Wagner Board | Director | CEO of GoodRx Holdings, Inc.; Director at DoubleVerify Holdings, Inc. | Member of BILL's Board since September 2021; former CEO of GoDaddy; extensive experience in SaaS and technology leadership. | |
Steven Cakebread Board | Director | None | Member of BILL's Board since May 2019; former CFO of Yext, Salesforce, and D-Wave Systems; extensive financial leadership experience. |
- You've mentioned that the incremental $45 million investment in fiscal 2025 will be more back-end loaded due to hiring plans being delayed in Q1; can you provide specifics on how these investments will drive revenue growth and what ROI you expect from them?
- Despite delivering strong core revenue growth of 19% in Q1, your guidance for Q2 indicates a deceleration to 15%-17%; what are the main factors contributing to this slowdown, and how confident are you in meeting your full-year targets amid ongoing economic uncertainties?
- You've highlighted a focus on attracting larger businesses with higher propensity to spend; how does this strategy impact your customer acquisition costs and operating margins, and are there risks associated with shifting focus from traditional SMB clients?
- Float revenue has been a significant part of your earnings; how are you managing the risk of potential changes in interest rates affecting float income, and what steps are you taking to diversify your revenue streams to reduce dependency on float revenue?
- Can you elaborate on the progress and expected impact of your embedded solution partnership with Xero, and how significant do you anticipate this partnership will be in terms of revenue contribution and market expansion?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Finmark | 2022 | BILL acquired Finmark to expand its platform with advanced financial planning, budgeting, and forecasting tools that integrate with systems like payroll and CRM, helping SMBs gain a comprehensive view of their business operations. |
Invoice2go | 2021 | Bill.com acquired Invoice2go for approximately $625 million (about 75% in stock and 25% in cash) to enhance its accounts receivable offerings and extend its international reach, leveraging Invoice2go’s mobile-first invoicing and payment management solutions. |
Recent press releases and 8-K filings for BILL.
- Market and customer trends: Executives highlighted that SMBs are showing a cautious, wait-and-see approach amid macro uncertainties, leading to slight reductions in discretionary spend and transaction volumes (e.g., lower transactions per customer).
- Pricing adjustments and take rate impact: The company recently increased prices on ACH and check payments by 15%-20%, a tactical move expected to enhance take rates modestly in future periods without immediate impact in the current quarter.
- Multiproduct adoption and capital strategy: Management emphasized progress in joint product adoption—shown by increased integration of their AP solution with the Divvy charge card—and introduced a new warehouse facility to diversify SME capital, supporting continued business growth.
- Margin and operational improvement: The call noted significant margin expansion from a non-GAAP operating loss of approximately 3% in Q3 '22 to about 15% in Q3 '25, driven by operating efficiencies and strategic investments.
- BILL Holdings, Inc. announced entry into a material definitive agreement for a revolving credit facility with JPMorgan Chase Bank, with Odin Financing, a wholly‑owned subsidiary, as the borrower.
- The agreement provides for up to $300.0 million in revolving loans to purchase Divvy Corporate Card receivables, maturing on November 23, 2027, with an interest margin of 1.80% over the applicable base rate.
- The transaction includes a limited guaranty and security agreements to secure the facility’s obligations, reflecting standard covenant and default provisions.
- Consistent customer acquisition: BILL has maintained steady additions in its core APAR platform (4,000–5,000 customers) and achieved a 60% net growth in its accountant segment over the past year, reinforcing its market leadership (document ).
- Focused investment strategy: The company is investing $40 million to accelerate growth across four key areas—payments, suppliers, accounting, and embedded solutions—despite current macro uncertainties (document ).
- Advancement in product and AI initiatives: BILL is launching new products such as an advanced ACH solution and working capital offerings, while also integrating AI to enhance both internal efficiency and customer service by leveraging its unique data scale (documents ).
- Capital allocation and M&A interest: BILL executed a $400 million stock buyback this fiscal year with an additional $100 million authorized, and remains open to M&A opportunities to further expand its platform capabilities (document ).
- Robust financial performance: Achieved 14% YoY core revenue growth ($320M core revenue) alongside $358M total revenue with an 11% YoY increase, and a 15% non-GAAP operating income margin .
- Strong liquidity: Free cash flow surged 44% YoY and the quarter closed with $2.2 billion in cash .
- Impressive market activity: Processed 30 million transactions, recorded a total payment volume of $79 billion, and engaged approximately 489K businesses on the platform .
- Platform expansion: Diversified its distribution ecosystem and enhanced advanced solutions—including multi-entity management, increased AI investments, and international payment capabilities—to address SMB financial back-office challenges .
- Forward guidance: Q4 outlook projects core revenue between $335 million and $345 million, with expectations for further revenue growth, margin expansion, and elevated platform demand .