Here are 1-3 brief analogies for BILL (Bill.com Holdings, Inc.):

• DocuSign for invoices and payments: Just as DocuSign digitized and automated signatures, BILL automates and streamlines the entire process of sending and paying bills for businesses.
• Salesforce for back-office finance: Similar to how Salesforce provides a cloud platform to manage customer relationships, BILL offers a cloud platform to manage and automate accounts payable and receivable for businesses.

• Accounts Payable Automation: Automates the entire accounts payable workflow, from invoice receipt and approval to payment processing for vendors.
• Accounts Receivable Automation: Streamlines the creation of invoices, sending them to customers, and facilitates the collection of payments.
• Spend and Expense Management (Divvy): Provides corporate credit cards and expense management software to control, track, and reconcile employee spending in real-time.
• Payment Processing: Facilitates secure domestic and international payments through various methods, including ACH, checks, and virtual cards.

BILL (Bill Holdings Inc.)

Bill Holdings Inc. (NYSE: BILL) sells primarily to other companies (B2B).

Due to its business model as a Software-as-a-Service (SaaS) provider offering financial operations automation to a broad and fragmented market, BILL does not have individual "major customers" that account for a significant portion of its revenue. Its revenue is derived from thousands of subscriptions and transactions from a diverse base. Instead, its customer base can be described by the following categories of businesses:

• Small and Medium-Sized Businesses (SMBs): These form the core of BILL's direct customer base. SMBs across a wide variety of industries (e.g., professional services, healthcare, retail, non-profits, manufacturing, real estate) utilize BILL's platform to automate and manage their accounts payable and accounts receivable processes, payments, and cash flow.
• Accounting Firms and CPAs: Many accounting and bookkeeping firms partner with BILL to leverage its platform for managing the financial operations of their numerous business clients. These firms often act as a significant channel for BILL's services and are direct subscribers themselves.
• Financial Institutions (Banks and Credit Unions): BILL establishes partnerships with financial institutions that integrate or white-label BILL's solutions to offer enhanced payment and financial management services to their own business customers. This represents a strategic channel and customer type for BILL, with the institutions paying for or facilitating the use of BILL's technology. While specific bank names are not disclosed as individual major customers, this category represents a segment of their business partners and customers.

• Amazon Web Services (AWS), subsidiary of Amazon.com, Inc. (AMZN)
• JPMorgan Chase Bank, N.A., subsidiary of JPMorgan Chase & Co. (JPM)
• Wells Fargo Bank, N.A., subsidiary of Wells Fargo & Company (WFC)

René Lacerte, CEO and Founder

René Lacerte is a fintech entrepreneur who founded BILL in 2006 with the aim of simplifying business payments for small and midsize businesses. He is a fourth-generation entrepreneur with over 20 years of experience in finance, software, and payments. Prior to BILL, Lacerte founded PayCycle, an online payroll solution, which was acquired by Intuit in 2009. He also spent five years at Intuit, where he helped grow its bill payment and credit card businesses and launched its first connected payroll product.

Rohini Jain, Chief Financial Officer

Rohini Jain joined BILL as Chief Financial Officer in July 2025. She has over 20 years of experience leading finance, product, and operations teams at global fintech, payments, and e-commerce companies. Before joining BILL, Jain served as CFO and SVP of PayPal's Large Enterprise and Merchant platforms. Her prior experience includes finance leadership roles at Walmart and eBay.

John Rettig, President and Chief Operating Officer

John Rettig has been with BILL since 2014 and currently serves as President and Chief Operating Officer. He has over 25 years of business and strategic finance leadership experience, having previously served as BILL's CFO from 2014 to 2025 and leading the company's IPO in 2019. Before BILL, Rettig was the Chief Financial Officer of Exponential Interactive, Inc., a global digital media company. His background also includes senior finance leadership roles at high-growth companies in the e-commerce, software, and Internet sectors.

Sarah Acton, Chief Customer Officer

Sarah Acton serves as the Chief Customer Officer at BILL.

Ken Moss, Chief Technology Officer

Ken Moss holds the position of Chief Technology Officer at BILL.

The key risks to BILL's business, a financial operations software platform primarily serving small and midsize businesses (SMBs), include:

1. Weakening Small and Medium Business (SMB) Demand and Macroeconomic Uncertainties: BILL's financial performance is significantly impacted by the health and spending patterns of SMBs. Recent analyses indicate a weakening in underlying SMB demand, characterized by slower customer additions and lower Total Payment Volume (TPV) per customer. This trend is exacerbated by macroeconomic uncertainty, rising inflation, and potential impacts from tariff policies, all of which can further erode BILL's growth outlook and financial stability.
2. Credit Risk Associated with BILL Divvy Cards and Other Financing Offerings: The company's BILL Divvy Card offering exposes it to substantial credit risk. Businesses utilizing Divvy's credit card may default on their repayment obligations, potentially leading to financial losses for BILL and straining its relationships with crucial funding partners. Other product offerings, such as invoice financing, also subject BILL to similar credit risks.
3. Operational Risks, including Reliance on Third-Party Partners and Increasing Fraud: BILL's business operations, including payment processing, cross-border fund transfers, and check printing, heavily depend on effective management of relationships with third-party partners like banks, accounting firms, and software vendors. A failure to manage these critical relationships could adversely affect its business. Furthermore, the financial technology sector faces an intensifying and evolving fraud problem, with businesses reporting an increase in both the frequency and sophistication of fraud attempts.

Two clear emerging threats for BILL (Bill.com) are:

• The rapid advancement of AI-first financial automation platforms: While BILL utilizes AI, the accelerating pace of innovation in artificial intelligence, particularly with large language models and specialized AI for financial document processing, is enabling new and existing competitors to offer solutions with significantly higher levels of automation, accuracy, and efficiency for tasks like invoice processing, data extraction, and reconciliation. These advanced AI capabilities could potentially leapfrog current automation paradigms, reducing the need for manual intervention even further and challenging BILL's core value proposition if other platforms or new entrants can integrate and deploy these technologies more effectively or quickly.
• The rise of unified spend and financial management platforms ("super-apps"): Companies that initially focused on specific areas like corporate cards and expense management (e.g., Ramp, Brex) are rapidly expanding their offerings to become comprehensive financial operating systems for SMBs. These platforms aim to consolidate a wide array of financial functions—including corporate cards, expense management, bill payments, accounts payable, and even banking services—into a single, integrated platform. This trend threatens BILL by offering a consolidated solution that could reduce an SMB's need for a standalone, best-of-breed accounts payable and receivable platform, as businesses may prefer a single vendor solution for all their financial operations.

BILL (symbol: BILL) operates in the financial operations space for small and midsize businesses (SMBs), primarily in the U.S., offering solutions for accounts payable, accounts receivable, and spend and expense management.

Addressable Markets:

• Overall SMB Market (U.S.): BILL targets a U.S. market of 34 million SMBs. This represents approximately $75 billion in software spending and $36 trillion in B2B payment volume.
• Global B2B Payments Volume: The total addressable market for global B2B payments volume is estimated at around $125 trillion.
• Accounts Payable Automation Market: The global accounts payable automation market was valued at $5,378.58 million in 2023 and is projected to reach $17,047.16 million by 2032, growing at a Compound Annual Growth Rate (CAGR) of 13.9% from 2024 to 2032. North America generated the highest revenue in this market in 2023.
• Accounts Receivable Automation Market: The global accounts receivable automation market was estimated at USD 3,809.8 million in 2023 and is projected to reach USD 8,833.2 million by 2030, exhibiting a CAGR of 12.9% from 2024 to 2030. North America was the largest revenue-generating market in 2023. Separately, North America's accounts receivable automation market held a 36.2% share with USD 1.15 billion in revenue in 2023.
• Spend and Expense Management Software Market: The global expense management software market size was valued at USD 7.08 billion in 2023. It is projected to grow from USD 7.64 billion in 2024 to USD 16.48 billion by 2032, at a CAGR of 10.1%. North America dominated the global market with a 39.12% share in 2023, and the U.S. expense management market is predicted to reach an estimated value of USD 3.33 billion by 2032. The global business spend management (BSM) software market is projected to grow at a CAGR of 10.00% between 2025 and 2034.

Here are 3-5 expected drivers of future revenue growth for BILL (symbol: BILL) over the next 2-3 years:

1. Growth in Customer Base and Increased Adoption of Services: BILL anticipates future revenue growth through both the acquisition of new customers and the increased adoption of its integrated financial operations platform by existing customers. This includes deeper engagement with solutions like BILL AP/AR and Spend & Expense, as evidenced by the company's expanding customer base and robust transaction volume growth.
2. Expansion of Network and Strategic Partnerships: Expanding BILL's proprietary network of businesses and suppliers, combined with strategic partnerships with accounting firms, financial institutions (such as American Express, Wells Fargo, JP Morgan Chase, and Bank of America), and software providers (including NetSuite, Paychex, and Acumatica), is a key growth driver. These partnerships enhance distribution channels and embed BILL's services more deeply into the broader financial ecosystem.
3. Enhancement of Platform Capabilities and AI Integration: Continuous investment in developing new platform capabilities, integrating AI-driven solutions like the Agentic AI platform, and deploying AI agents for touchless B2B transactions are expected to drive revenue. This strategic focus on intelligent automation and efficiency also includes enhancing existing solutions such as virtual card, international payments, and working capital.
4. Monetization through Ad Valorem Products and Optimized Pricing: BILL's revenue growth will be supported by a shift towards ad valorem pricing models and the expansion of emerging ad valorem products. The launch of initiatives like "Supplier Payments Plus," which moves from a flat fee to an ad valorem fee for suppliers, along with growth in pay-by-card, invoice financing, and instant transfer options, is intended to optimize payment monetization.
5. International Expansion: The company has identified international expansion as a driver for future growth, with efforts including the expansion of local transfer payment capabilities to over 30 countries.

Share Repurchases

• In August 2025, BILL's Board of Directors authorized a new share repurchase program for up to $300 million of its common stock.
• Approximately 2.2 million shares of common stock were repurchased in the fourth quarter of fiscal year 2025 and July 2025 for a total cost of about $100 million.
• During the first quarter of fiscal year 2025 (ending September 30, 2024), BILL repurchased $200 million of common stock, equivalent to 3.7 million shares.

Share Issuance

• In December 2024, BILL closed an offering of 0% Convertible Senior Notes due 2030 for gross proceeds of $1.4 billion. These notes are convertible into shares of common stock, cash, or a combination thereof, at BILL's election.
• As of June 30, 2021, BILL had $1.15 billion in 2025 Notes outstanding, which are convertible with the intent to settle the principal in cash and any balance in shares of common stock.

Inbound Investments

• No information is available in the provided search results regarding large direct inbound investments made in BILL by third-parties, such as strategic partners or private equity firms, over the last 3-5 years. The reported acquisition of stakes by activist investors like Elliott Management and Starboard Value refers to purchases of existing shares on the open market, not direct investments into the company.

Outbound Investments

• On June 1, 2021, Bill.com completed its acquisition of Divvy, a spend management company, for approximately $2.5 billion in stock and cash.
• In September 2021, the company acquired Invoice2go for $625 million, expanding its services to sole proprietors.
• Bill.com acquired Finmark, a cloud-based financial planning and forecasting solutions provider, in November 2022.

Capital Expenditures

• The remaining net proceeds from the $1.4 billion convertible note offering in December 2024 may be used for general corporate purposes, including capital expenditures. Specific dollar values for actual capital expenditures over the last 3-5 years were not explicitly detailed in the provided search results.