Bill.com Holdings, Inc. (BILL): Lienzo del Modelo de Negocio [Actualización de Ene-2025]

En el panorama de tecnología financiera en rápida evolución, Bill.com Holdings, Inc. (Bill) surge como una fuerza transformadora, revolucionando cómo las empresas administran sus flujos de trabajo financieros a través de soluciones innovadoras basadas en la nube. Al integrar a la perfección el procesamiento de pagos de vanguardia, la automatización y las estrategias de transformación digital, la compañía ha forjado un nicho único para empoderar a las pequeñas y medianas empresas con herramientas de gestión financiera sofisticadas pero fáciles de usar que optimizan los procesos de contabilidad complejos e impulsan la eficiencia operacional de la operación. .

Bill.com Holdings, Inc. (Bill) - Modelo de negocio: asociaciones clave

Instituciones financieras y bancos para el procesamiento de pagos

Bill.com tiene asociaciones con múltiples instituciones financieras para facilitar el procesamiento de pagos:

Banco de socios	Detalles de la asociación	Volumen de transacción
JPMorgan Chase	Integración de procesamiento de pagos	Volumen de transacción anual de $ 42.3 mil millones
Wells Fargo	Ach y servicios de transferencia de cables	Volumen de transacción anual de $ 35.7 mil millones

Integradores de software y proveedores de plataformas de contabilidad

Las asociaciones de integración de software clave incluyen:

• Sage intacct
• Netsuite
• Oracle ERP Cloud

Socios de tecnología para infraestructura en la nube

Proveedor de nubes	Nivel de servicio	Inversión anual de infraestructura
Servicios web de Amazon (AWS)	Infraestructura de la nube primaria	$ 18.5 millones
Microsoft Azure	Servicios en la nube secundarios	$ 7.2 millones

Proveedores de redes de pago

Asociaciones de la red de pagos estratégicos:

• Visa: procesamiento de transacciones
• MasterCard: integración de la red de pago
• American Express: soluciones de pago corporativo

Compañías de software de contabilidad

Plataforma de contabilidad	Nivel de integración	Usuarios conectados
QuickBooks	Integración profunda	1.2 millones de usuarios conectados
Xero	Acceso integral de API	385,000 usuarios conectados
Freshbooks	Conexión API directa	224,000 usuarios conectados

Bill.com Holdings, Inc. (Bill) - Modelo de negocio: actividades clave

Desarrollo de plataformas de software financiero basadas en la nube

Bill.com invirtió $ 177.4 millones en investigación y desarrollo en el año fiscal 2023. La plataforma basada en la nube de la compañía procesó $ 217.4 mil millones en volumen de pago total durante el mismo período.

Métricas de plataforma	Valor
Volumen de pago total	$ 217.4 mil millones
Inversión de I + D	$ 177.4 millones
Usuarios de red activos	400,000+

Procesamiento de pagos y servicios de automatización

Bill.com procesó 5.8 millones de transacciones de red en el cuarto trimestre de 2023, con un valor de transacción promedio de $ 8,700.

• Automatización de pagos para pequeñas y medianas empresas
• Soluciones de cuentas por pagar y cuentas por cobrar
• Seguimiento y conciliación de pagos en tiempo real

Innovación tecnológica continua y mejora del producto

La compañía presentó 25 nuevas solicitudes de patentes en 2023, centrándose en tecnologías financieras impulsadas por la IA.

Métricas de innovación	Valor
Solicitudes de patentes	25
Actualizaciones de productos	12 lanzamientos principales
Proyectos de integración de IA	7 iniciativas activas

Atención al cliente y gestión de cuentas

Bill.com mantiene un equipo de atención al cliente de 450 profesionales, con una calificación de satisfacción del cliente del 92%.

• Soporte técnico 24/7
• Gestión de cuentas dedicada
• Servicios de incorporación personalizados

Ciberseguridad y protección de datos

La compañía asignó $ 42.3 millones a la infraestructura de ciberseguridad en el año fiscal 2023.

Métricas de seguridad	Valor
Inversión de ciberseguridad	$ 42.3 millones
Cumplimiento de SoC 2	Totalmente cumplido
Auditorías de seguridad anuales	3 revisiones completas

Bill.com Holdings, Inc. (Bill) - Modelo de negocio: recursos clave

Plataforma de tecnología financiera patentada

A partir del segundo trimestre de 2024, la plataforma patentada de Bill.com procesó $ 254.4 mil millones en volumen total de pago. La plataforma admite más de 400,000 clientes activos en pequeñas y medianas empresas.

Métrica de plataforma	Valor
Volumen de pago total	$ 254.4 mil millones
Clientes activos	400,000+
Ingresos recurrentes anuales	$ 861.4 millones

Equipos calificados de ingeniería de software y desarrollo de productos

Bill.com emplea más de 1,500 profesionales de tecnología. Los gastos de I + D de la compañía para 2023 fueron de $ 252.3 millones.

• Empleados de tecnología total: 1,500+
• Inversión de I + D: $ 252.3 millones
• Ingenieros de software: aproximadamente el 70% de la fuerza laboral tecnológica

Infraestructura de procesamiento de datos financieros y procesamiento de transacciones extensas

La compañía administra los datos de transacciones para más de 400,000 empresas, procesando un promedio de 3.2 millones de transacciones mensualmente.

Infraestructura métrica	Valor
Transacciones mensuales	3.2 millones
Empresas atendidas	400,000+

Arquitectura de red de computación en la nube y segura

Bill.com utiliza Amazon Web Services (AWS) para la infraestructura en la nube, con un Garantía de tiempo de actividad del 99.99%. La inversión anual de infraestructura en la nube es de aproximadamente $ 45.6 millones.

Cartera de propiedad intelectual fuerte

A partir de 2024, Bill.com posee 87 patentes registradas relacionadas con tecnología financiera y sistemas de procesamiento de pagos.

• Patentes totales: 87
• Categorías de patentes: procesamiento de pagos, automatización financiera, tecnologías de seguridad
• Inversión de patentes: $ 12.4 millones anuales

Bill.com Holdings, Inc. (Bill) - Modelo de negocio: propuestas de valor

Cuentas simplificadas por pagar y gestión de cuentas por cobrar

Bill.com procesó $ 227.5 mil millones en volumen de pago total durante el año fiscal 2023. La plataforma admite a más de 400,000 clientes con cuentas automatizadas por pagar y soluciones de cuentas por cobrar.

Métrico	Valor
Volumen de pago total	$ 227.5 mil millones
Base de clientes	400,000+
Procesamiento anual de transacciones	6.5 millones de transacciones

Soluciones de flujo de trabajo financiero automatizado

Bill.com ofrece automatización integral de flujo de trabajo con las siguientes características clave:

• Procesamiento de facturas con IA
• Programación de pagos automáticos
• Herramientas de colaboración en tiempo real
• Conexiones de plataforma de contabilidad integradas

Procesamiento y seguimiento de pagos en tiempo real

La plataforma admite múltiples métodos de pago con 99.9% de precisión de la transacción. Las velocidades de procesamiento de pagos incluyen:

Método de pago	Tiempo de procesamiento
Transferencias ACH	1-3 días hábiles
Ach el mismo día	Mismo día hábil
Tarjeta de crédito virtual	Procesamiento instantáneo

Reducción de costos a través de la transformación digital

Bill.com ayuda a las empresas a reducir los costos operativos financieros en un promedio de 50% A través de la automatización y los flujos de trabajo digitales.

Eficiencia financiera mejorada para pequeñas y medianas empresas

Métricas de eficiencia financiera para clientes de SMB:

• Tiempo promedio ahorrado por mes: 10-15 horas
• Reducción en la entrada de datos manuales: hasta el 75%
• Reducción del error de cumplimiento: 60%

Métrica de eficiencia	Porcentaje de mejora
Ahorro de tiempo	50-70%
Reducción de costos	40-60%
Automatización de procesos	80%

Bill.com Holdings, Inc. (Bill) - Modelo de negocios: relaciones con los clientes

Plataforma digital de autoservicio

La plataforma digital de Bill.com atiende a 427,000 clientes a partir del segundo trimestre de 2024, con un Tasa de compromiso de autoservicio digital 99.5%.

Característica de la plataforma	Métricas de usuario
Usuarios activos	427,000
Tasa de autoservicio digital	99.5%
Volumen de transacción anual	$ 255 mil millones

Canales de atención al cliente dedicados

La infraestructura de atención al cliente incluye:

• Soporte telefónico 24/7
• Asistencia de chat en vivo
• Canales de soporte por correo electrónico
• Tiempo de respuesta promedio: 22 minutos

Asistencia personalizada de incorporación e implementación

El proceso de incorporación incluye:

• Estrategia de implementación personalizada
• Gerentes de cuentas dedicados para clientes empresariales
• Sesiones de consulta iniciales gratuitas
• Módulos de entrenamiento personalizados

Actualizaciones regulares de productos y mejoras de características

Actualización de frecuencia	Mejoras de características
Actualizaciones trimestrales	4-6 Lanzamientos principales de características
Mejoras anuales de productos	18-24 mejoras significativas

Foros comunitarios y recursos educativos

Métricas de la plataforma educativa:

• Recursos de aprendizaje en línea: más de 250 tutoriales de video
• Asistencia de seminarios web: 45,000 participantes anuales
• Usuarios del foro comunitario: 87,000 miembros registrados

Bill.com Holdings, Inc. (Bill) - Modelo de negocio: canales

Plataforma directa de ventas en línea

La plataforma en línea directa de Bill.com procesó $ 227.4 mil millones en volumen total de pago durante el año fiscal 2023. La plataforma admite 437,000 suscriptores activos a partir del cuarto trimestre de 2023.

Métrica de plataforma	Valor
Volumen de pago total	$ 227.4 mil millones
Suscriptores activos	437,000
Ingresos recurrentes anuales	$ 672.8 millones

Equipo de ventas empresarial

El equipo de ventas empresarial se dirige a clientes de mercado y empresas en múltiples industrias.

• Tamaño del equipo de ventas: aproximadamente 500 representantes
• Valor promedio del contrato empresarial: $ 50,000 anualmente
• Industrias objetivo: servicios profesionales, fabricación, tecnología

Redes de referencia de socios

Bill.com mantiene asociaciones estratégicas con firmas de contabilidad y proveedores de servicios financieros.

Métrica de la red de socios	Valor
Integraciones totales de socios	130+
Socios de la firma de contabilidad	40,000+
Ingreso de referencia	$ 95.3 millones en 2023

Marketing digital y publicidad

Los canales de marketing digital impulsan la adquisición de clientes y la conciencia de la marca.

• Gasto publicitario digital: $ 22.6 millones en 2023
• Tasa de conversión: 3.7%
• Canales primarios: LinkedIn, Google Ads, plataformas digitales específicas de la industria

Integraciones del mercado de software

Bill.com se integra con múltiples ecosistemas de software para expandir su alcance.

Plataforma de integración	Número de integraciones
Software de contabilidad	25
Sistemas ERP	15
Pasarelas de pago	12

Bill.com Holdings, Inc. (Bill) - Modelo de negocios: segmentos de clientes

Pequeñas y medianas empresas

A partir del cuarto trimestre de 2023, Bill.com atiende a aproximadamente 419,000 pequeñas y medianas empresas (PYME). Estas empresas generan un volumen de transacción anual de $ 215 mil millones a través de la plataforma.

Categoría de tamaño del negocio	Número de clientes	Volumen de transacción anual promedio
Micro empresas (1-10 empleados)	198,000	$ 45 mil millones
Pequeñas empresas (11-50 empleados)	156,000	$ 95 mil millones
Empresas medianas (51-250 empleados)	65,000	$ 75 mil millones

Profesionales de contabilidad y contabilidades

Bill.com admite 130,000 profesionales de contabilidad y contables a través de su plataforma. La compañía genera aproximadamente $ 187 millones en ingresos recurrentes anuales de este segmento.

• Firmas de contabilidad utilizando Bill.com: 42,500
• Número promedio de clientes por profesional de contabilidad: 17
• Porcentaje de profesionales de contabilidad utilizando la plataforma de Bill.com: 65%

Departamentos financieros de nivel empresarial

Los clientes empresariales representan un segmento creciente para Bill.com, con 5.200 clientes empresariales a partir de 2023. Estos clientes generan un volumen de transacción anual promedio de $ 350 millones por organización.

Segmento empresarial	Número de clientes	Valor de transacción anual promedio
Empresas del mercado medio	3,700	$ 250 millones
Grandes empresas	1,500	$ 500 millones

Freelancers y contratistas independientes

Bill.com apoya a 87,000 trabajadores independientes y contratistas independientes. Este segmento procesa aproximadamente $ 42 mil millones en transacciones anuales.

• Transacción anual promedio por freelancer: $ 483,000
• Porcentaje de trabajadores independientes que utilizan plataformas de pago digital: 78%
• Industrias representadas: tecnología, servicios creativos, consultoría

Organizaciones impulsadas por la tecnología

Las empresas de tecnología representan un segmento clave de clientes, con 6.500 organizaciones centradas en la tecnología que utilizan la plataforma de Bill.com. Estas organizaciones procesan un volumen de transacción anual de $ 95 mil millones.

Segmento tecnológico	Número de clientes	Volumen de transacción anual promedio
Ecosistema de inicio	4,200	$ 55 mil millones
Organizaciones de ampliación	2,300	$ 40 mil millones

Bill.com Holdings, Inc. (Bill) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2023, Bill.com reportó gastos de I + D de $ 218.1 millones, lo que representa el 35.5% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 218.1 millones	35.5%
2022	$ 170.3 millones	33.2%

Infraestructura en la nube y mantenimiento de tecnología

La infraestructura en la nube y los costos de mantenimiento de tecnología para Bill.com en el año fiscal 2023 fueron de aproximadamente $ 82.5 millones.

• Contrato de servicios en la nube de AWS: estimado $ 45 millones anuales
• Mantenimiento de la infraestructura tecnológica: $ 37.5 millones

Gastos de ventas y marketing

Los gastos de ventas y marketing de Bill.com para el año fiscal 2023 totalizaron $ 288.6 millones, representando el 46.9% de los ingresos totales.

Categoría de gastos	Cantidad	Porcentaje de ingresos
Ventas y marketing	$ 288.6 millones	46.9%

Costos de atención al cliente y implementación

Los gastos de atención al cliente y la implementación del año fiscal 2023 fueron de $ 64.2 millones.

• Personal de atención al cliente: $ 42.5 millones
• Servicios de implementación: $ 21.7 millones

Cumplimiento regulatorio y medidas de seguridad

Bill.com invirtió $ 37.8 millones en cumplimiento regulatorio y medidas de seguridad para el año fiscal 2023.

Área de cumplimiento	Gastos
Infraestructura de ciberseguridad	$ 22.3 millones
Cumplimiento regulatorio	$ 15.5 millones

Bill.com Holdings, Inc. (Bill) - Modelo de negocio: Fleujos de ingresos

Licencias de software basadas en suscripción

Ingresos recurrentes anuales (ARR) para el año fiscal 2024: $ 818.4 millones

Nivel de suscripción	Precio mensual	Contribución anual de ingresos
Esencial	$45	$ 45.6 millones
Centro	$85	$ 254.2 millones
De primera calidad	$225	$ 418.6 millones

Tarifas de procesamiento de transacciones

Ingresos de transacciones totales para el año fiscal 2024: $ 456.7 millones

• Tarifa de transacción promedio: 1.37%
• Total de transacciones procesadas: 289 millones
• Valor de transacción promedio: $ 1,578

Complementos de características premium

Ingresos adicionales de las características premium: $ 112.3 millones

Característica	Precio mensual	Ingresos anuales
Informes avanzados	$29	$ 34.8 millones
Integraciones personalizadas	$49	$ 58.8 millones
Gestión de múltiples entidades	$79	$ 18.7 millones

Contratos de soluciones empresariales

Ingresos de contrato empresariales: $ 276.5 millones

• Valor promedio de contrato empresarial: $ 185,000
• Número de clientes empresariales: 1.490
• Tasa de renovación del contrato: 92%

Ingresos de intercambio de redes de pago

Ingresos de intercambio para el año fiscal 2024: $ 214.6 millones

Red	Tasa de intercambio	Ingresos anuales
Visa	1.65%	$ 89.4 millones
Tarjeta MasterCard	1.55%	$ 78.2 millones
tarjeta American Express	2.3%	$ 47 millones

Bill.com Holdings, Inc. (BILL) - Canvas Business Model: Value Propositions

You're looking at the core reasons why nearly half a million businesses rely on Bill.com Holdings, Inc. (BILL) to run their finances. The value proposition centers on taking complex, manual financial tasks and making them digital, fast, and integrated.

Automated accounts payable and receivable for SMBs

The platform is built to be the default choice for automating payables and receivables for small and midsize businesses (SMBs). This isn't just about digitizing invoices; it's about scale. As of the end of the fourth quarter of fiscal year 2025, Bill.com Holdings, Inc. served over 493,000 businesses on its solutions. The sheer volume shows this is mission-critical infrastructure, not a nice-to-have add-on. You see this demand reflected in the transaction metrics; in Q4 FY2025, the company processed 33 million transactions, an 18% year-over-year increase.

The financial scale of this automation is significant. For the full fiscal year 2025, transaction fees alone, which are directly tied to payment volume, reached $1,028.7 million, growing 19% year-over-year. This growth in transaction fees, which made up 72% of total revenue in Q4 FY2025, proves that the core value of moving money digitally is what drives the business.

Unified platform for spend, expense, and cash flow management

Bill.com Holdings, Inc. is positioning itself as the intelligent financial operations platform, meaning you aren't just getting AP/AR; you're getting spend management, expense control, and cash flow visibility all in one place. This integration is key. In fact, 93% of SMBs see strong value in unified financial platforms to improve accuracy, speed, and control. The success of this unification is visible in the revenue mix. Core revenue, which bundles subscription fees (for software access) and transaction fees, hit $1.30 billion for fiscal year 2025, marking a 16% increase year-over-year.

The spend and expense management side, powered by the Divvy Pay LLC services, is also growing its footprint. As of Q2 FY2025, the company added 1,400 new spend and expense customers, bringing the total for those solutions to over 37,800. You're not juggling separate systems; you're using one ecosystem to manage money coming in and money going out.

Reduced manual work and fraud risk via digital workflows

Replacing paper and manual data entry directly translates to time savings and better security. Bill.com Holdings, Inc. is heavily investing in AI to drive this efficiency. For fiscal year 2025, the company reported that its AI assistant processed over 500 million documents, and critically, the volume of fully automated bills increased by 80% since the start of that year. That's a massive reduction in hands-on work for your team.

On the security front, the digital workflow provides a clear defense against fraud that paper checks simply can't match. AI-enabled fraud solutions prevented more than 8 million fraudulent attempts across the platform during fiscal year 2025. That's a concrete dollar amount of risk averted for your business and your suppliers.

Faster payment options like Instant Transfer and Pay-by-Card

Speed matters when you're trying to manage working capital. While the search results emphasize the new Cash Account features, the underlying platform has always focused on accelerating payments beyond standard ACH. The introduction of Supplier Payments Plus in Q4 FY2025 allows large suppliers to convert thousands of paper checks into faster digital transactions. This focus on speed is a direct value-add, reducing the time it takes for your payment to clear and be reconciled.

Here's a snapshot of the platform's scale as of the end of FY2025, which underpins the reliability of these payment options:

Metric	Value (As of Q4 FY2025 / FY2025)	Context
Total Businesses Served	493,000+	Customer base as of June 30, 2025
Total Payment Volume (TPV)	$86 billion	Q4 FY2025 TPV
Transactions Processed	33 million	Q4 FY2025 volume
FY2025 Transaction Fees Revenue	$1,028.7 million	Up 19% year-over-year
Network Members	8.3 million	Total members as of June 30, 2025

Enhanced cash visibility and treasury services (BILL Cash Account)

The launch of the BILL Cash Account in October 2025 is a direct move to capture idle operating cash. You're no longer leaving money on the table in low-yield accounts. This account offers a high annual percentage yield (APY) reported to be 42x the national average APY. To put that in perspective, the advertised rate was 3.00% APY compared to the national average of 0.07% as of September 15, 2025.

This treasury service combines yield with security and speed, bringing enterprise-grade capabilities to SMBs. You get expanded FDIC insurance coverage up to $200 million, which is well above standard limits. Plus, it supports next-business-day ACH payments with no added fees and unlimited transactions, simplifying your treasury function right inside the platform you already use for payables.

The value proposition is clear:

• Earn More: High-yield on operating deposits from day one-42x the national average.
• Pay Faster: Next-business-day ACH payments with no added fees.
• Simplify Cash Management: Combine payables and treasury functions in one seamless account.
• Grow with Confidence: Expanded FDIC insurance coverage up to $200 million.

Finance: draft 13-week cash view by Friday.

Bill.com Holdings, Inc. (BILL) - Canvas Business Model: Customer Relationships

You're looking at how Bill.com Holdings, Inc. maintains and grows its relationships across its customer base, which includes over 493,000 businesses as of June 30, 2025, and approximately 8.3 million total network members.

Automated, digital self-service onboarding for small businesses

The initial customer experience is heavily focused on digital efficiency. Bill.com Holdings, Inc. emphasizes the first 90 days of customer engagement as critical for boosting retention rates. The platform is actively enhancing this with AI to transition from a do-it-with-you model to a do-it-for-you approach, aiming to simplify the customer experience and accelerate onboarding. The company is targeting net customer additions (NNA) in the range of 4,500 to 5,000 per quarter, with a strategic focus on acquiring larger clients.

Dedicated account management for mid-market and strategic partners

Relationship intensity scales with customer value. Mid-market customers are a key focus because they spend approximately 3x more than other customers on the platform. Dedicated support structures are formalized through the Accountant Partner Program, where higher tiers unlock more personalized engagement. For instance, strategic account management support, including personalized advice on co-marketing and staff training, begins at the Silver tier.

High platform stickiness due to deep workflow integration

Stickiness is evidenced by strong retention and multi-product adoption. The annual customer retention rate remained healthy at 86%. Furthermore, the net revenue retention rate, inclusive of financial institutions, was 94%. A concrete measure of deep integration is the growth in customers using both the Accounts Payable/Receivable (AP/AR) and Spend and Expense solutions, which grew nearly 40% to reach 15,800 joint customers by year-end 2025.

Continuous product innovation driven by customer feedback

The company launched essential new software and payment products for customers and suppliers throughout fiscal year 2025. This innovation cycle is supported by the scale of the network, which surpassed 8,000,000 members, increasing by 18% from the previous year. The focus on mid-market ARPU (Average Revenue Per User) improvement and pricing actions suggests a direct link between delivered value and monetization.

Community and resource centers for accountant partners

Bill.com Holdings, Inc. supports approximately 9,000 accounting firms on its platform. The Accountant Partner Program structures support and engagement based on partner activity, which is measured by points derived from client count multiplied by the number of BILL products used per client.

The tiers for partner support are defined as follows:

Program Tier	Points Required (Client Count x Product Usage)	Account Management Support Level
Bronze	1-4	Basic Account Management Support
Silver	5-25	Strategic Account Management Support Unlocked
Gold	26-99	Strategic Account Management Support
Platinum	100+	Strategic Account Management Support

This ecosystem is valued by practitioners, as 96% of accountants report that their firm's proficiency with technology positively impacts client relationships.

Bill.com Holdings, Inc. (BILL) - Canvas Business Model: Channels

You're looking at how Bill.com Holdings, Inc. (BILL) gets its platform into the hands of small and midsize businesses (SMBs). The channel strategy is clearly multi-pronged, aiming for both direct reach and deep integration through trusted intermediaries.

Direct-to-SMB sales via website and digital marketing

The direct channel serves as the foundational layer, capturing businesses directly through digital outreach. As of the end of the fourth quarter of fiscal year 2025, Bill.com Holdings, Inc. (BILL) reported serving approximately 493,800 businesses using its solutions. This base is continually being refined; for instance, in Q3 of fiscal 2025, the company added 4,200 net new BILL AP AR customers, driven by strength in the accounting channel, but direct efforts still matter for initial acquisition and lower-end SMBs. Bill.com Holdings, Inc. (BILL) has been pulling upmarket, noting that mid-market customers use the platform much more, spending about 3x more than other customers. Mid-market customer growth outpaced the overall BILL AP/AR customer growth by 5 points as of August 2025. Honestly, focusing on those higher-value customers is where the immediate ARPU (Average Revenue Per User) lift comes from.

Accountant Channel: leveraging 9,000+ accounting firms

The accountant channel is a massive force multiplier for Bill.com Holdings, Inc. (BILL). As of late 2025, the platform is leveraged by approximately 9,000 accounting firms, with 8,500+ being a frequently cited figure for the partner base. This channel is seeing significant investment and success; as of May 2025, Bill.com Holdings, Inc. (BILL) reported achieving a 60% year-over-year increase in net adds for accounting firm partnerships. To show the depth of this relationship, over 85%+ of the top 100 US accounting firms partner with Bill.com Holdings, Inc. (BILL). These firms act as trusted advisors, implementing and integrating the platform for their clients, which streamlines the sales cycle for the integrated platform solutions.

Here's a quick look at the scale across the key customer and partner bases as of the end of fiscal year 2025:

Channel Metric	Data Point (As of Late 2025)
Total SMB Customers (AP/AR)	493,800 businesses served (Q4 FY25 end)
Accounting Firms Partnering	Approximately 9,000 firms on the platform
Top 100 US Accounting Firms Partnering	85%+
Mid-Market Customer Spend Multiplier	3x more than other customers
Investment in Embedded Strategies	Approximately $45 million (as of May 2025)

Embedded finance solutions within partner software (Embeds)

The Embed work is explicitly called out as one of the top three strategic anchors for future growth. Bill.com Holdings, Inc. (BILL) is focusing product building and go-to-market efforts into this segment, driving what they term the Embedded 2.0 strategy to achieve faster scale and larger market access. The company is making concrete investments here, allocating approximately $45 million to payments, suppliers, accounting firms, and embedded strategies as of May 2025. While the most granular, recent volume data for this segment is from the prior year, the total payment volume transacted by Embedded Solutions and Other customers was reported at an annualized rate of approximately $7.4 billion, served by about 282,900 such customers as of June 30, 2024. The focus is clearly on scaling this area for durable revenue growth.

Financial institution partnerships for co-branded offerings

Bill.com Holdings, Inc. (BILL) is a trusted partner for leading U.S. financial institutions, offering a white-labeled, end-to-end payments automation platform known as Bill.com Connect. This allows financial institutions to offer Bill.com Holdings, Inc. (BILL)'s capabilities directly within their own single sign-on online business banking ecosystem. This channel is distinct from the Integrated Platform metrics reported to investors. Furthermore, the company's reach is expanding globally, with local transfer payment expansion reported to over 30 countries, which is often facilitated through these deep banking relationships.

The channel strategy is about embedding deeply where the SMB already operates. You see this focus in:

• Driving the Embedded 2.0 strategy for market capture.
• Leveraging the 9,000+ accounting firms as a primary acquisition source.
• Targeting the higher-value mid-market segment which spends 3x more.
• Offering the white-labeled Bill.com Connect to financial institutions.

Bill.com Holdings, Inc. (BILL) - Canvas Business Model: Customer Segments

You're looking at the core user base for Bill.com Holdings, Inc. as of the close of Fiscal Year 2025. The platform is built around a network effect, so the size of each segment matters for overall platform value.

The primary customer base consists of small and midsize businesses (SMBs), totaling approximately 493,800 businesses as of June 30, 2025.

The platform also deeply integrates with the professional services sector:

• Accounting firms and CPAs: 9,000 firms use the platform.
• Nearly 90% of the top 100 accounting firms in the U.S. are on the platform.

Bill.com Holdings, Inc. is actively focusing on expanding its reach into the mid-market segment, signaling a strategic shift toward larger, higher-capacity customers.

The network effect is driven by the sheer volume of entities connected. As of June 30, 2025, the network included 8.3 million BILL standalone network members who have either paid or received funds electronically. The Total Payment Volume (TPV) processed in the fourth quarter of fiscal year 2025 was $86 billion. The annualized run rate TPV was reported at $345 billion. These figures represent the activity of the suppliers and vendors who receive payments through the network.

Here's the quick math on how the total business count breaks down by solution utilized as of June 30, 2025. Remember, businesses using more than one solution are counted separately for each:

Customer Type	Count (as of June 30, 2025)
Total Businesses Served	493,800
BILL AP/AR Customers	169,500
Embedded Solutions & Other Customers	283,200
BILL Spend and Expense Customers	41,100

The transaction volume supporting these segments was 33 million transactions processed in Q4 2025.

The segments receiving payments are the suppliers and vendors, whose activity is reflected in the network size and payment volume:

• Total Payment Volume (Q4 FY2025): $86 billion.
• Annualized Run Rate Total Payment Volume: $345 billion.
• Total Network Members: 8.3 million.

Finance: draft 13-week cash view by Friday.

Bill.com Holdings, Inc. (BILL) - Canvas Business Model: Cost Structure

You're looking at the major outflows for Bill.com Holdings, Inc. (BILL) as they scale their financial operations platform. The cost structure is heavily weighted toward growth investments, which is typical for a company at this stage, even as they approach profitability.

The operating loss was $80.6 million in FY2025, a significant improvement from the prior fiscal year's loss of $174.2 million. This narrowing loss occurred despite substantial investment across the business. Total Operating Expenses for the full fiscal year 2025 reached approximately $929.03 million.

Here's a quick math breakdown of the primary operating expense buckets for the fiscal year ended June 30, 2025, based on reported figures:

Cost Category (GAAP Basis)	Amount (Millions USD)	Source Context
Total Operating Expenses	$929.03	Full Fiscal Year 2025
Sales, Marketing, and General & Admin Expenses	$599.37	Full Fiscal Year 2025
Research & Development Expenses	$257.15	Full Fiscal Year 2025

Technology and development costs, including AI investment are captured within the Research & Development (R&D) expenses, which totaled approximately $257.15 million for FY2025. This spending fuels the expansion of the integrated platform and the development of new software and payment products. The company's focus on innovation is a core driver of this cost base.

Sales and marketing expenses for partner channel growth are a major component of the combined Sales, Marketing, and General & Administrative (SG&A) spend, which was $599.37 million in FY2025. This investment supports onboarding new businesses and deepening relationships with the 9,000 accounting firms on the platform. To give you a sense of the transaction volume driving costs, Q4 FY2025 saw 33 million transactions processed, up 18% year-over-year.

General and administrative costs are bundled with Sales and Marketing in the reported SG&A figure of $599.37 million. The resulting operating loss was $80.6 million for the full year, showing that while revenue grew, operating costs still outpaced gross profit to result in a net operating loss.

Compensation and benefits for a skilled engineering and sales team are the largest underlying driver within the R&D and SG&A categories. While a specific total compensation number isn't broken out, stock-based compensation is explicitly noted as a significant non-cash expense excluded from non-GAAP measures. The need to attract and retain this talent directly impacts the reported operating expenses.

Regarding payment processing and transaction costs, these are primarily variable and embedded within the Cost of Revenue, which is kept low, resulting in a GAAP gross margin of 81.4% for FY2025. Direct customer-paid transaction fees provide insight into the variable cost environment, even though they are revenue: for example, an ACH payment costs the customer $0.59, and paying by credit card incurs a 2.9% fee, which Bill.com Holdings, Inc. (BILL) must cover a portion of as an interchange cost.

• Q4 FY2025 Transaction Fees (Revenue): $277.1 million.
• Q3 FY2025 Transaction Fees (Revenue): $252.1 million.
• Customer ACH Payment Fee: $0.59 per transaction.
• Customer Credit Card Payment Fee: 2.9% of the transaction value.
• FY2025 GAAP Gross Margin: 81.4%.

Finance: draft 13-week cash view by Friday.

Bill.com Holdings, Inc. (BILL) - Canvas Business Model: Revenue Streams

You're looking at how Bill.com Holdings, Inc. (BILL) actually brings in the money, which is key to understanding its long-term viability. Honestly, the revenue mix shows a strong reliance on transaction volume, but the growth in other areas is what signals a maturing platform.

For the full Fiscal Year 2025, Bill.com Holdings, Inc. (BILL) reported total revenue of $1,462.6 million. This revenue is built on a few distinct pillars, with the core business-the money made from customers actually using the platform to pay bills and get paid-being the most significant driver.

Here's a quick breakdown of the primary revenue sources for Fiscal Year 2025:

Revenue Stream Component	FY2025 Amount (Millions USD)	Notes
Transaction Fees	$1,028.7 million	The largest component, tied directly to payment volume.
Subscription Fees	$272.1 million	Revenue for platform access and software features.
Float Revenue	$161.8 million	Interest earned on customer funds held before payment execution.
Core Revenue (Subscription + Transaction)	$1,300.8 million	Represents the primary service revenue.

The $1,028.7 million from Transaction Fees was the largest component, showing that the volume of payments processed is central to the financial story. To be fair, this revenue stream is sensitive to interest rate environments, which directly impacts the Float Revenue of $161.8 million for the year.

The platform access model, represented by Subscription Fees, brought in $272.1 million in FY2025. This recurring revenue stream is what analysts often look at for predictability.

You also need to account for revenue generated by the Spend & Expense (Divvy) card program. This is where you see:

• Interchange revenue from the Spend & Expense (Divvy) card program.
• Revenue diversification beyond core payables/receivables.
• Contribution to overall platform stickiness.

Finally, the overall profitability picture for the year showed a significant shift. Net income for FY2025 was $23.8 million, which definitely signals a return to GAAP profitability for Bill.com Holdings, Inc. (BILL) after prior periods of operating losses. Finance: draft 13-week cash view by Friday.