René Lacerte, CEO and founder of Bill.com
Source: Bill.com
Shares of fintech company Bill.com soared a whopping 60% on its first day of trading on the New York Stock Exchange on Thursday.
Bill.com, which sells software services to small- and medium-sized business to help with payment processes, was priced at $22 per share before its market debut. The stock is now above $35 per share.
“We focus on really helping small- and medium-sized businesses get rid of the mess that runs their back office,” Bill.com founder and CEO René Lacerte told CNBC’s “Squawk Alley” on Thursday. Lacerte said the company is trying to let these businesses focus on their goals and not worry about finances.
The company’s artificial intelligence based financial software platform creates connections between businesses and their supplies and their clients.
“Today, over 81,000 customers trust our platform to manage their financial workflows and process their payments, which totaled over $70 billion for fiscal 2019,” the company said in it IPO filing with the SEC.
Bill.com’s total revenue for fiscal 2019 was $108.4 million, a 67% increase from the $64.9 million earned the year prior.
The company partners with Bank of American, J.P. Morgan and American Express, among other finance and accounting businesses.