BILL Spend & Expense
By BILL Holdings, Inc.
BILL Holdings, Inc. (formerly Bill.com) is a leading provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations for small and midsize businesses. Headquartered in San Jose, California, and founded by Rene Lacerte, a pioneer in the fintech space, the company has grown into a multi-billion dollar public entity (NYSE: BILL). The current iteration of the platform is the result of a strategic evolution from a focused bill payment tool to a comprehensive financial command center. A pivotal moment in this history was the 2021 acquisition of Divvy, a fast-growing expense management startup. By integrating Divvy's card-centric spend management with BILL’s established AP/AR automation, the company created a unified ecosystem that serves over 450,000 businesses. Today, BILL differentiates itself by offering a 'single pane of glass' for cash flow management, supported by a vast network of over 5.8 million members and partnerships with leading financial institutions and accounting firms.
The product now known as BILL Spend & Expense originated as 'Divvy,' founded in 2016 in Lehi, Utah, by entrepreneurs Blake Murray and Alex Bean. Murray, with a background in finance at Goldman Sachs, and Bean, a software veteran from Adobe, recognized a fundamental flaw in how SMBs handled expenses: the reliance on reimbursements and the lack of real-time control. They envisioned a 'budget-first' corporate card that could enforce policy at the point of swipe. The company quickly became a fintech 'rocket ship,' growing from its initial seed round to unicorn status in less than three years. In May 2021, at a height of rapid expansion, Divvy was acquired by Rene Lacerte’s Bill.com for approximately $2.5 billion in a cash-and-stock deal. This merger allowed the founders to scale their Utah-based operations with the resources of a public company, eventually leading to the rebranding as BILL Spend & Expense in 2023, fully unifying the brand under the BILL umbrella while maintaining the Utah innovation hub.
Before its landmark acquisition, Divvy raised approximately $418 million in venture capital across several high-profile rounds. Notable milestones include a $7 million Seed round in late 2017, followed by a $10.5 million Series A and a $35 million Series B in 2018. The company achieved unicorn status in April 2019 with a $200 million Series C led by NEA and Insight Partners. Its final private funding round was a $165 million Series D in January 2021, led by PayPal Ventures, which valued the company at $1.6 billion just months before the $2.5 billion acquisition by BILL. The parent company, BILL, is publicly traded and has a history of raising significant capital, including a $1.15 billion post-IPO round in November 2020. Major institutional investors in the ecosystem have included Scale Venture Partners, August Capital, Icon Ventures, and Tiger Global Management, providing the financial muscle necessary to maintain market leadership against rivals like Brex and Ramp.
BILL's current offerings are organized into a comprehensive Financial Operations Platform. The core of the 'Spend & Expense' module is the BILL Divvy Corporate Card, available in both physical and virtual formats. This is supported by the free spend management software which includes modules for budgeting, receipt capture, and real-time reporting. Beyond spend management, the company offers paid 'Accounts Payable' modules for automated bill payments and 'Accounts Receivable' modules for streamlined invoicing. In 2024, the company introduced 'BILL Travel,' an integrated travel management suite that allows employees to book trips that automatically align with company spend policies. Additionally, a 'Multi-Entity' module was launched to help larger organizations and accounting firms manage multiple business units or clients from a single console. The 'Accountant Console' specifically caters to professional firms, providing them with a specialized interface to manage their clients' financial automation at scale.
Historically focused on the United States and Canada, BILL Spend & Expense has focused its expansion strategy on deep vertical integration and regional presence within North America. The acquisition of Divvy allowed BILL to establish a massive secondary headquarters in Draper, Utah, tapping into the 'Silicon Slopes' talent pool. While the company does not currently have significant local offices in the GCC or EMEA regions, it has expanded its geographic reach through its capabilities, such as supporting international payments in over 130 countries and 100+ currencies. In 2024, the company also focused on technological expansion through native integrations with international-ready ERPs like Acumatica. The strategic focus remains on capturing the vast SMB market in North America while providing the digital infrastructure for these businesses to operate globally via international ACH, wire transfers, and virtual card cross-border capabilities.
In the last 12-18 months, BILL Spend & Expense has undergone a significant technological upgrade. A major highlight is the 'Transaction Agent,' an AI-powered receipt capture and matching engine that reduces manual data entry by up to 90%. In late 2023 and early 2024, the platform reimagined its 'Budgets' interface, introducing 'Budget Groups' to help complex organizations organize spending categories more intuitively. The 2024 launch of 'BILL Travel' integrated travel booking directly into the spend workflow, eliminating the need for third-party travel sites. Furthermore, in April 2025, the company announced enhanced 'Multi-Entity' management and the 'BILL API Platform,' which empowers businesses to build custom financial workflows. The introduction of the 'Invoice Coding Agent' also brought advanced machine learning to the accounts payable side, further automating the classification of invoices to general ledger accounts.
The culture at BILL is defined by five core values: Humble, Authentic, Passionate, Accountable, and Fun. Known as 'BILLders,' the workforce is encouraged to operate with a high degree of transparency and inclusivity. The company has a strong commitment to Diversity, Equity, and Inclusion (DEI), actively spotlighting minority-owned and veteran-owned businesses within its own procurement and customer community. The work environment is characterized by a mission-driven approach to supporting SMB success, often described as having the energy of a startup with the stability of a public firm. Employee wellness initiatives, including flexible work options and dedicated safe spaces for community connection, are central to the HR philosophy. The company's response during the 2023 banking crisis, prioritizing customer liquidity and trust, is often cited by employees as a defining moment of its culture in action.
BILL fosters a vibrant community of finance professionals, accountants, and business owners. The centerpiece of their engagement strategy is the 'Accountant Partner Program,' which provides specialized training, certification, and co-marketing opportunities for accounting firms. Online, the company maintains an active presence through webinars, help centers, and the 'BILL Pulse' customer event series, where users can interact with product experts and leadership. The 'Accountant Community' forum allows peers to share best practices on financial automation and CAS (Client Advisory Services). Beyond digital forums, BILL actively participates in major industry conferences and hosts its own regional workshops. The company also partners with organizations like CodePath to prepare underrepresented talent for careers in fintech, extending its community reach into the next generation of tech leaders.
