JPMorgan-backed $1 billion payments company Bill.com is picking bankers for an IPO

Neil Hall/Reuters

JPMorgan previously led a $100 million funding round in Bill.com.

• Bill.com, an online payments company, is choosing bankers for an IPO, according to two people familiar with the process.
• Bill.com announced an $88 million funding round in April which valued the company at $1 billion.
• It's unclear which banks the company will work with, the people said.
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Online payments company Bill.com is in the process of meeting with investment banks to select underwriters for an IPO just months after raising $88 million in fresh funding, according to two people familiar with the meetings.

The company was last valued at $1 billion in April and its investors include Franklin Templeton and JPMorgan.

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It's not yet known which banks Bill.com has chosen and the timing of the IPO remains unclear, the people said.

Bill.com did not respond to a request for comment.

Founded in 2006, Bill.com sells payment processing software that helps companies pay bills, send invoices, and manage payments. CEO and founder René Lacerte previously built and sold the payroll company PayCycle, which was acquired by Intuit for $170 million in 2009.

The company is backed by financial heavy-weights Mastercard and JPMorgan, which have both participated in significant private funding rounds in the company.

Read more: Going public makes $12 billion CrowdStrike an anomaly in the crowded cybersecurity space where M&A is the norm. Here's why.

Bill.com's potential float follows an IPO spree in the world of enterprise tech which has seen valuations striking all-time highs. Since going public in April, shares for video conferencing company Zoom are up 184%, and shares for the IT management platform PagerDuty are up 126%. Shares for the cybersecurity company CrowdStrike are also up 127% since its IPO last week.