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BILL REVS TOP $1 BILLION Featured

 Revenue for payments software company Bill passed the $1 billion mark for annual revenue for the first time.

For the year ended, June 30, Bill reported revenue of $1.1 billion for fiscal 2023, a 65.1-percent increase from slightly less than $642,000 the prior year. The company also registered what executives call “meaningful” non-GAAP profitability of $194 million for the recently ended year, compared to a non-GAAP loss of $24.3 million for fiscal 2023. Bill noted that the number of accounting firms in its channel increased to 7,000 for Fiscal 2023, up from 6,000 the prior year. In the company’s recent earning webcast, CFO John Rettig said standalone subscription revenue grew to $57.8 million, an increase of 25 year-over-year. That was driven both by an expanding base and a price increase in the direct and accounting channels. Rettig did not disclose the size of the increases. CEO Rene Lacerte noted Bill has a beta version of invoice financing in the market. He said testing will be made available to more businesses  next year, but provided no additional details.

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