Bill.com
Bill.com is a United States financial-operations software brand that automates accounts payable, accounts receivable, bill payment, invoicing, and related business payments for small and midsize companies.
Last updated August 26, 2026
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Overview
Bill.com is the principal operating brand of BILL Holdings, Inc., a financial-technology company headquartered in San Jose, California. Its core proposition is to move routine financial administration from paper, email, spreadsheets, and manually entered banking transactions into a cloud-based workflow. The platform is primarily associated with accounts payable and accounts receivable automation: businesses can receive and approve bills, schedule and make payments, issue invoices, collect receivables, and synchronize transaction data with accounting systems. The company was founded by René Lacerte after his earlier work at PayCycle, an online payroll software business. It was incorporated in April 2006 under the name Cashboard, Inc. and initially focused on helping small businesses pay bills and maintain their books through online software. Early investment came from venture-capital firms including August Capital and DCM Ventures. The business subsequently adopted the Bill.com name and developed a model combining software with payment processing and financial workflow services. A major expansion occurred in 2019, when the company added capabilities designed to automate both accounts-payable and accounts-receivable processes. Bill.com also broadened distribution through financial institutions: Bill.com Connect was designed as a white-label, end-to-end payments-automation platform that banks and other institutions could place within their online business-banking environments. This approach allowed the company to reach business customers through both its own brand and institutional partners. Bill.com completed its initial public offering on the New York Stock Exchange in December 2019. In early 2020 it relocated its headquarters from Palo Alto to San Jose. The company then expanded beyond its original bill-payment focus through acquisitions. In June 2021 it acquired Divvy, whose software and corporate smart-card products addressed expense management and spending controls. In September 2021 it completed the acquisition of Invoice2go, a mobile-oriented accounts-receivable and invoicing business intended to extend the platform to sole proprietors and very small businesses. The resulting portfolio spans supplier payments, customer invoicing, expense management, corporate cards, and related financial operations. Bill.com serves small and midsize businesses, accounting firms, and financial institutions, with its software positioned as infrastructure for digitizing back-office finance rather than as a consumer payments product. Its brand has therefore occupied the intersection of cloud accounting, business payments, fintech, and financial workflow automation. In 2025, the company became the subject of increased activist-investor attention. Reports described significant positions by Elliott Management and Starboard Value, with Starboard seeking governance and strategic changes. Later reporting described additional pressure to evaluate strategic alternatives, including a possible sale. These developments made capital allocation, board composition, operating performance, and the future scope of the platform central public issues for the company. The brand remains active, although its corporate strategy and ownership possibilities have been under review.
History
Bill.com traces its origins to René Lacerte's work in online payroll services. After leaving the chief executive role at PayCycle in 2004, Lacerte began developing another business focused on the administrative problems faced by small companies. That venture was incorporated in April 2006 as Cashboard, Inc. Its initial purpose was to let businesses pay bills and maintain bookkeeping records through an online system. August Capital and DCM Ventures were among its early backers. The company later became Bill.com and built a business around financial workflow automation. Rather than operating only as a digital wallet or payment processor, it connected bill intake, approval, accounting records, payment execution, and reconciliation. This made it useful to companies that needed to coordinate owners, employees, accountants, vendors, and customers. The model also supported electronic payments as well as other payment methods, allowing businesses to centralize processes that had traditionally been divided among banks, accounting applications, email, and paper documents. In October 2019, Bill.com added new functionality for automating accounts payable and accounts receivable. The expansion broadened the company's role from bill payment toward a wider financial-operations platform. In December of the same year, it completed an initial public offering on the New York Stock Exchange. The listing established BILL Holdings as a public company and gave it publicly traded equity for further expansion. In early 2020, the headquarters moved from Palo Alto to San Jose, California. Acquisitions became an important part of the company's development. In June 2021, Bill.com acquired Divvy for $2.5 billion. Divvy combined expense-management software with corporate smart cards, giving Bill.com a way to address employee spending, budget controls, and company-card administration alongside payables. In September 2021, Bill.com completed its $625 million acquisition of Invoice2go. Invoice2go was a mobile-first accounts-receivable and invoicing business, and its inclusion broadened the customer base toward sole proprietors and other very small businesses. Bill.com also developed Bill.com Connect, a white-label payments-automation platform for financial institutions. Connect was designed to be embedded in a bank's online business-banking environment, allowing institutions to offer payment workflows through their own authenticated customer experience. This institutional channel complemented the company's direct software brand and positioned Bill.com as a payments-infrastructure provider as well as an application vendor. By the mid-2020s, the business covered accounts payable, accounts receivable, invoicing, expense management, corporate cards, and payment connectivity. Its main commercial focus remained small and midsize businesses in the United States, together with accountants and financial institutions serving them. The company entered a period of heightened strategic scrutiny in 2025. Elliott Management and Starboard Value were reported to have built substantial positions in BILL Holdings, and Starboard pressed for changes involving governance and corporate direction. Reports described board-related settlements and nominations during the year. Bloomberg subsequently reported that the company was examining strategic alternatives, including a possible sale. Barington Capital later disclosed a position and also advocated consideration of a sale. In early 2026, Hellman & Friedman was reported to be discussing a possible buyout, but the supplied material does not establish that a transaction had been completed. Thus, the history of Bill.com currently combines the growth of a specialized payments-automation brand with continuing debate over its ownership and strategic future.
- 2025
Activist-investor campaign intensifies
[1]Elliott Management, Starboard Value, and later Barington Capital were reported to be pressing the company on governance and strategic alternatives.
- 2021
Divvy acquisition
[1]Bill.com acquired Divvy, adding expense management and corporate smart-card products.
- 2021
Invoice2go acquisition
[1]The acquisition of Invoice2go expanded mobile invoicing and receivables capabilities for smaller businesses and sole proprietors.
- 2020
Headquarters moves to San Jose
[1]The company moved its headquarters from Palo Alto to San Jose, California.
- 2019
Accounts-payable and accounts-receivable automation expands
[1]New capabilities broadened the platform beyond bill payment into automated payables and receivables workflows.
- 2019
Initial public offering
[1]Bill.com completed its IPO on the New York Stock Exchange in December.
- 2006
Cashboard, Inc. is founded
[1]The company was incorporated in April 2006 to provide cloud tools for bill payment and bookkeeping by small businesses.
Products and positioning
A cloud-based financial-operations platform for small and midsize businesses, accounting professionals, and financial institutions, emphasizing automation of business payments and accounting workflows.
Accounts payable
BILL AP and payment automation
The core Bill.com workflow helps businesses capture bills, route them for review and approval, schedule payments, and keep accounting records synchronized. It is designed to replace fragmented paper and email processes with a centralized cloud system for vendor obligations and payment administration.
Accounts receivable · 2019
BILL AR and invoicing
The receivables side of the platform supports invoice creation, delivery, payment collection, and related tracking. It complements the payables product by helping businesses manage money owed by customers and connect receivables activity with their broader accounting workflow.
Expense management and corporate cards
Divvy
Divvy added spending-management capabilities to the BILL portfolio. Its proposition combines software for budgets, employee expenses, and controls with corporate smart cards, allowing businesses to set spending policies and monitor company expenditure in a connected system.
Mobile invoicing
Invoice2go
Invoice2go is a mobile-first invoicing and accounts-receivable offering acquired to extend BILL's reach to sole proprietors and very small businesses. Its orientation toward mobile billing supports customer invoicing and payment collection for businesses that may not need a large back-office finance department.
Financial-institution platform
Bill.com Connect
Connect is a white-label, end-to-end payments-automation platform for financial institutions. It can be incorporated into a bank's online business-banking experience, enabling the institution to provide payment workflows through its own customer interface and single-sign-on environment.
Brand decisions
2025
Evaluate strategic alternatives amid activist pressureStrategyBackground
Activist investors Elliott Management, Starboard Value, and Barington Capital were reported to hold positions and to be pressing for governance or strategic changes.
Action taken
BILL Holdings was reported to be exploring alternatives including a potential sale.
Aftermath
The supplied material does not establish that a sale or buyout had been completed; subsequent reporting described possible discussions with Hellman & Friedman.
2021
Acquire DivvyM&ABackground
Bill.com sought to extend its financial workflow coverage into employee spending and expense management.
Action taken
The company acquired Divvy for $2.5 billion in June 2021.
Aftermath
The acquisition added expense-management software and corporate smart cards to the Bill.com portfolio.
Acquisition consideration. $2.5 billion (June 2021)
2021
Acquire Invoice2goM&ABackground
The company wanted to expand its accounts-receivable and invoicing reach among sole proprietors and smaller businesses.
Action taken
Bill.com completed the acquisition of Invoice2go for $625 million in September 2021.
Aftermath
Invoice2go added a mobile-first receivables and invoicing capability to the broader platform.
Acquisition consideration. $625 million (September 2021)
2019
Broaden the platform to automate AP and ARProduct launchBackground
The company had historically emphasized online bill payment and bookkeeping for small businesses.
Action taken
Bill.com introduced additional functionality for automating accounts-payable and accounts-receivable operations.
Aftermath
The move positioned the brand as a broader financial-operations platform rather than a narrowly focused bill-payment service.
Recent events
- 2026
Hellman & Friedman reportedly discusses a potential BILL buyout[1]
M&A
Reporting indicated that Hellman & Friedman was in discussions concerning a possible acquisition; no completed transaction is established by the supplied material.
- 2025
Activist investors build positions in BILL Holdings[1]
Other
Reporting described large stakes by Elliott Management and Starboard Value, accompanied by pressure for changes at the company.
- 2025
BILL reaches board-related settlements amid activist pressure[1]
Leadership change
Reports described arrangements involving independent directors and board nominations as Starboard pursued changes at BILL Holdings.
- 2025
BILL explores strategic alternatives[1]
M&A
Bloomberg reported that the company was considering strategic options, including a possible sale, while facing activist-investor pressure.
- 2025
Barington Capital urges BILL Holdings to consider a sale[1]
M&A
Barington Capital disclosed a stake and called on the board to evaluate a sale, according to reporting summarized in the reference material.
- 2021
Bill.com acquires Divvy[1]
M&A
Bill.com acquired Divvy for $2.5 billion, adding expense-management software and corporate smart-card capabilities.
- 2021
Bill.com acquires Invoice2go[1]
M&A
Bill.com completed its acquisition of Invoice2go for $625 million, extending its receivables and invoicing offering toward sole proprietors.
- 2019
Bill.com completes initial public offering[1]
Other
Bill.com became a publicly traded company on the New York Stock Exchange in December 2019.
- 2019
Bill.com expands accounts-payable and accounts-receivable automation[1]
Product launch
The company introduced additional capabilities intended to automate both payables and receivables workflows.
Sources3 sources
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