BILL Holdings Inc (NYSE: BILL) is a financial operations software company that provides cloud-based accounts payable, accounts receivable, spend management, and payments automation for businesses. Revenue comes from two primary streams: subscription and transaction fees, which totaled $1.30B in FY2025 (fiscal year ended June 30, 2025), and interest on funds held for customers, which contributed $161.8M in FY2025. Total revenue reached $1.46B in FY2025, up 13% year-over-year. The platform processed $329.8B in total payment volume across 121.3 million transactions in FY2025. BILL integrates with accounting software including Intuit QuickBooks, Oracle NetSuite, Sage Intacct, Xero, and Microsoft Dynamics 365 Business Central via APIs, creating switching costs through two-way data synchronization. The BILL Divvy Card, a business-purpose charge card issued through partner banks Cross River Bank and WEX Bank, anchors the spend and expense management product line. BILL competes in the small and mid-sized business financial software market.

Revenue model

Subscription and transaction fees ($1.30B, 89% of total revenue in FY2025) plus interest earned on funds held for customers ($161.8M, 11% of total revenue in FY2025). Transaction fees scale with payment volume; the platform processed $329.8B total payment volume in FY2025.

Products and services

Accounts payable automation, accounts receivable automation, spend and expense management software (BILL Spend and Expense), BILL Divvy Card (business-purpose charge card), payments processing, and integrations with QuickBooks, NetSuite, Sage Intacct, Xero, and Microsoft Dynamics 365 Business Central.

Customers and end markets

Businesses using the platform for accounts payable, accounts receivable, and expense management. The BILL Divvy Card targets spending businesses seeking corporate card and budget management capabilities. Customer support is delivered via chat, email, phone, and AI-assisted interactions through the BILL Virtual Assistant.

Value-chain role

Middleware and payments processor sitting between businesses and their suppliers or clients, synchronizing financial data with upstream accounting systems and routing payments. Card issuance is handled through partner banks (Cross River Bank and WEX Bank), with BILL bearing fraud and unauthorized-use risk.

Source: SEC 10-K, filed 2025-08-28

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