Bill.com Holdings, Inc. (BILL): Business Model Canvas [Dec-2025 Updated]

You're looking to map the core engine of Bill.com Holdings, Inc. (BILL)-how they actually create value by digitizing finance for hundreds of thousands of SMBs and their accountants. Honestly, the FY2025 results show a significant inflection point: they processed $329.8 billion in Total Payment Volume, pulled in $1,028.7 million from transaction fees, and, critically, returned to profitability with a net income of $23.8 million. This Business Model Canvas distills exactly how their key partnerships, massive network effect, and focus on AI-driven automation translate into those hard numbers across all nine building blocks. Keep reading to see the precise structure behind their platform's scale.

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

The Key Partnerships block for Bill.com Holdings, Inc. (BILL) centers on distribution, payment infrastructure, and deep platform connectivity as of late 2025.

Customer Acquisition via Accounting Channel:

• Over 9,000 accounting firms partner with BILL for customer acquisition.
• 85 of the top 100 US accounting firms choose BILL.
• BILL saw a 60% year-over-year increase in net adds for accounting firm partnerships as of May 2025.

Payment Processing Infrastructure:

BILL is a trusted partner of leading U.S. financial institutions to facilitate payments. The scale of this partnership is reflected in the payment volume processed through the network.

The growth in network activity shows the reliance on these financial institution connections:

• Q4 FY2025 transactions increased 18% year-over-year.
• Standalone network members increased 18% year-over-year as of June 30, 2025.

Deep Integration with Accounting Software:

BILL maintains deep, two-way sync integrations with major accounting software providers to ensure seamless data flow. These integrations are critical for reducing manual work for shared customers.

• Automatic 2-way sync is offered with Oracle NetSuite.
• Automatic 2-way sync is offered with QuickBooks Online, Pro/Premier, and Enterprise.
• Other key sync partners include Xero and Sage Intacct.

Payment Network and Embedded Finance:

Partnerships with payment network providers like Visa and Mastercard underpin card solutions, such as the BILL Divvy Card. Furthermore, BILL is investing in its embedded strategy.

Approximately $45 million was being invested in payments, suppliers, accounting firms, and embedded strategies as of May 2025.

Finance: draft 13-week cash view by Friday

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

You're looking at the engine room of Bill.com Holdings, Inc. (BILL), the core things they must do well to keep the whole model running. This isn't about selling or marketing; it's about the heavy lifting of the financial operations platform itself.

Developing and Maintaining the Core Financial Operations Platform

This activity centers on keeping the platform stable, secure, and feature-rich for the businesses relying on it daily. For the fiscal year ended June 30, 2025, Bill.com Holdings, Inc. served approximately 493,800 businesses on its solutions as of the end of the fourth quarter. The platform's core revenue, which is the combination of subscription and transaction fees, hit $1.3 billion for fiscal year 2025, marking a 16% increase year-over-year. Also, as of June 30, 2025, the proprietary member network included 8.3 million standalone network members who had originated or received an electronic payment.

Here are some key operational metrics related to platform activity:

Processing $329 Billion in Annual Total Payment Volume (TPV)

Handling the actual movement of money is non-negotiable. For the full fiscal year 2025, Bill.com Holdings, Inc. processed a combined Total Payment Volume (TPV) of approximately $329 billion, calculated by summing the reported quarterly volumes ($80B in Q1, $84B in Q2, $79B in Q3, and $86B in Q4). The fourth quarter alone saw $86 billion in TPV, which was up 13% year-over-year. This activity is directly tied to transaction fees, which were $1,028.7 million for the full fiscal year 2025, growing 19% from the prior year.

Investing in AI Agents for Touchless Transaction Automation

The shift to automation via Artificial Intelligence is a major activity. Bill.com Holdings, Inc. is actively enhancing its platform to move from a 'do-it-with-you' service to a 'do-it-for-you' model. This investment is showing tangible results:

• Over 40,000 customers now use two or more AI platform features.
• Fully automated bill processing increased by 80% since the start of 2025.
• Predictive AI solutions stopped over 8 million fraudulent attempts in fiscal year 2025.
• AI features helped extend $200,000,000 in proactive line increases for spend and expense customers in FY 2025.

The company is planning the rollout of its AI-powered agents by fiscal year 2026 to automate tasks like W-9 collection and receipt management.

Expanding the Partner and Embedded Finance Ecosystem

Growth is heavily reliant on distribution through partners. Bill.com Holdings, Inc. launched the Embed 2.0 platform and secured new collaborations with major players like NetSuite, Paychex, and Acumatica. The goal is ambitious: to build a better future for 10 million businesses by 2027 through financial automation. The accounting professional channel remains key, with 9,000 accounting firms utilizing the platform as of the end of fiscal year 2025.

Ensuring Regulatory Compliance for Money Transmission and Payments

Operating in the payments space requires rigorous adherence to rules. This activity involves maintaining compliance with all international, federal, state, and local regulations concerning trade, exports, re-exports, and imports for all suppliers. The extension of $200,000,000 in proactive credit line increases in FY 2025 is also an activity deeply intertwined with managing the regulatory requirements of extending credit and facilitating money movement. The Supplier Code of Conduct mandates that all suppliers implement similar compliance requirements across their own supply chains.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Bill.com Holdings, Inc. (BILL) relies on to run and grow its financial operations platform. These aren't just line items; they are the engines driving the business.

Proprietary cloud-based financial operations platform

The platform itself is the primary asset, integrating accounts payable, accounts receivable, spend, and expense management. This integration creates stickiness for the customer base.

• Customer base served over 493,000 businesses as of June 30, 2025.
• 9,000 accounting firms on the platform as of Q4 Fiscal Year 2025.
• Net revenue retention rate, inclusive of financial institutions, was 94% for Fiscal Year 2025.
• Annual customer retention rate stood at 86% for Fiscal Year 2025.

Network effect from 8.3 million connected members

The sheer size of the connected ecosystem is a massive resource, enabling faster payments and broader reach for SMBs (small and midsize businesses).

As of June 30, 2025, Bill.com Holdings, Inc. reported that 8.3 million members had originated or received an electronic payment using the platform, marking an 18% increase year-over-year.

Customer funds held for float revenue generation

The money customers keep in the system before payments are sent is a significant, interest-bearing resource. Float revenue directly reflects the scale of funds managed on the platform.

Here's how that revenue stream performed in the most recent full fiscal year and the latest reported quarter:

• Float Revenue for Fiscal Year 2025: $161.8 million.
• Float Revenue for Q4 Fiscal Year 2025: $37.4 million.
• Float Revenue for Q1 Fiscal Year 2026: $37.7 million.

Core intellectual property in payment automation and AI

The proprietary technology, especially in Artificial Intelligence (AI), is a key differentiator that drives efficiency and security for users.

• AI Feature Adoption (FY2025 End): Over 40,000 customers were using two or more AI platform features.
• AI Security Impact (FY2025): Predictive AI helped block over 8 million fraudulent attempts during the year.
• Transaction Fees (FY2025): Totaled $1,028.7 million, up 19% year-over-year, reflecting the value captured from payment automation.

Strong balance sheet and cash flow for strategic investments

The company's financial health supports its ability to invest in growth, including a recently announced capital return initiative.

The company also announced a $300 million share repurchase program, enabled by its strong cash flow generation as of the end of Fiscal Year 2025.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.