Temasek Holdings, JPMorgan Chase lead US$100m investment for US fintech

It will finance Bill.com's goal to make business payments paperless.

Temasek Holdings and JPMorgan Chase secured US$100m in the second funding round for US fintech firm Bill.com.

According to a press release, the proceeds from the second round of funding bring the total amount secured by the company to over US$200m.

The proceeds of the fundraising will accelerate Bill.com’s distribution into banks and accounting firms. They will also be used to continue the rapid adoption of the Bill.com payment network.

It will serve Bill.com's payments system for its 2.5 million members.

More than 1% of US businesses tap into Bill.com's network to pay or get paid. The fintech processes over $67.82b (US$50b) in payments annually.