Billtrust

What Billtrust does

Billtrust is a private, AI-powered accounts receivable (AR) automation platform that unifies the full order-to-cash cycle — invoicing, payments, cash application, collections, credit management, and B2B eCommerce — for approximately 2,600 enterprise and mid-market B2B customers. Founded in 2001 and headquartered in Nashville, Tennessee, the company processes over $1 trillion in annual invoice dollars and serves seven primary verticals: manufacturing (700+ customers), distribution (500+), equipment dealerships (220+), transportation (300+), healthcare and life sciences (200+), B2B retail (300+), and business services (300+). Named customers include Coca-Cola, FedEx, United Rentals, Iron Mountain, Kraft Heinz, Boston Scientific, McKesson, Whirlpool, General Mills, Saint-Gobain, and Staples.

The platform is anchored on a proprietary data advantage and a broad integration footprint of 40+ direct ERP connectors and 260+ AP portal integrations. Its AI capabilities include confidence-based cash application matching, agentic AI products (Agentic Procedures, Agentic VoIP, Agentic Email, Agentic Credit Lines), behavioral 13-week cash forecasting with an agentic alert layer, and a self-service Buyer Payment Portal with smart payment recommendations. The platform supports multi-channel e-invoicing (Peppol, email, print, 260+ AP portals), global payment methods (ACH, EFT, credit cards, virtual cards, SEPA, iDEAL), and multi-language/multi-currency compliance. Billtrust maintains G2 Grid Leader status in AR automation for 21 consecutive quarters (Summer 2026) and is recognized by Everest Group (2025 PEAK Matrix Leader), Gartner, and IDC.

Billtrust was acquired by Swedish private equity firm EQT for $1.7 billion in 2022 and operates as a wholly-owned subsidiary of BTRS Holdings Inc. Revenue is generated primarily through SaaS platform subscriptions (quote-based, transaction-volume and module-tiered, annual billing cadence) supplemented by professional services for implementation, custom integrations, training, and buyer adoption campaigns. The go-to-market combines direct enterprise field sales targeting CFOs and AR leaders with channel partnerships through system integrators and ERP partners, including Deloitte Belgium for European expansion. A new Mastercard co-developed product (Mastercard Receivables Manager) was launched in late 2025, and Grant Halloran was appointed CEO in December 2025 to drive the next phase of growth toward EQT's revenue-doubling target.

Name

Billtrust

Legal name

BTRS Holdings Inc.

Website

https://billtrust.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Billtrust is an AI-powered accounts receivable automation platform that unifies invoicing, payments, cash application, collections, credit management, and B2B eCommerce for approximately 2,600 enterprise and mid-market B2B customers across manufacturing, distribution, equipment, transportation, healthcare, retail, and business services verticals.

Ownership category

akta.pro rank

Product category

Accounts Receivable Automation Software

NAICS

Activities Related to Credit Intermediation (5223), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Finance Services (6199)

akta.pro primary industry

Invoicing, Billing & Accounts Receivable Automation (FSAGAJAC)

akta.pro secondary industries

Biller Direct EBPP Platforms (FSAMAJAA), A2A Bill Pay & eInvoicing (Open Banking Enabled) (FSAMAFAL), A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF)

Keywords

• Accounts receivable automation
• Order-to-cash software
• B2B payment processing
• Cash application software
• Invoice management software

Headquarters

HQ city

Lawrenceville

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. SaaS Platform Subscription: Billtrust generates revenue primarily through subscription fees for its AI-powered unified AR automation platform. The platform is sold as an integrated suite covering invoicing, payments, cash application, collections, and credit management. Pricing varies by transaction volume, module scope, and customer size. The company also generates revenue from professional services for implementation, customization, training, and buyer adoption campaigns.
2. Professional Services: Implementation services, custom integrations, education and training programs, and buyer outreach campaigns provide additional revenue alongside the core software subscription.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels10 records

Core offering

Billtrust offers a unified AI-powered Accounts Receivable platform that automates the entire order-to-cash cycle for B2B finance teams, spanning invoicing, payments, cash application, collections, credit management, and B2B eCommerce. The platform combines confidence-based AI matching, agentic AI workflows, behavioral cash forecasting, and an integration network of 40+ ERP connectors and 260+ AP portal integrations. Revenue is generated through SaaS subscriptions plus implementation, training, and buyer adoption professional services.

Product overview

Billtrust offers a unified AI-powered Accounts Receivable Platform that spans the entire order-to-cash cycle. The platform is built around a core of seven integrated modules: Cash Application (AI-powered payment matching with 95%+ match rates), Collections (automated follow-ups with Agentic Email, Agentic Procedures, Agentic VoIP, and Cases for dispute management), Credit (automated credit decisioning and risk monitoring with Agentic Credit Lines), eCommerce (B2B webstore with AI-powered recommendations), Invoicing (multi-channel delivery to 260+ AP portals, email, and Peppol), Payments (accepting ACH, cards, virtual cards, and international methods with Digital Lockbox and Cash Forecast), and Services (implementation, training, and buyer adoption campaigns). The platform processes over $1 trillion in invoice dollars annually and includes a Buyer Payment Portal for customer self-service. Recent innovations include Agentic AI capabilities that autonomously handle collections outreach, credit monitoring, and cash forecasting.

Differentiator

Problem solved

Functional benefit

Products and services

• Billtrust Accounts Receivable Platform
• Cash Application
• Collections
• Credit
• eCommerce
• Invoicing
• Payments
• Services
• Agentic Credit Lines
• Agentic VoIP
• Collections Agentic Procedures
• Buyer Payment Portal
• Cash Forecast
• Agentic Email
• Digital Lockbox
• AP Portal Delivery
• eSolutions

Quantifiable outcome

• 23% reduction in Days Sales Outstanding (DSO)
• +14 more outcomes

Named customers36 records

Segments8 records

Ideal customer profiles8 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability11 records

Feature11 records

Partnerships

Six partnerships are on record, tiered core and minor.

• MastercardcoreStrategic or Co-development Partner · 18 December 2025Billtrust partnered with Mastercard to deliver Mastercard Receivables Manager, an automated solution enabling businesses to accept and process virtual card payments in B2B transactions. The solution eliminates manual data entry by automatically consolidating virtual card payments, matching remittance data to open invoices, and formatting data for ERP systems. Currently available for U.S.-based customers with expansion planned.
• Deloitte BelgiumcoreImplementation/ SI/ Consulting Partner · 1 January 2025Billtrust expanded its global footprint through a partnership with Deloitte Belgium to serve European enterprises. Deloitte provides implementation and consulting services to help European companies deploy Billtrust's AR automation platform, supporting compliance with EU eInvoicing mandates and expanding Billtrust's presence in the European market.
• Order2Cash (acquired)coreTechnology or Integration · 15 February 2022Billtrust acquired Netherlands-based Order2Cash, a B2B financial software provider, to enhance its global reach and expand its Business Payment Network. The acquisition leveraged Order2Cash's connections to over 70 e-invoicing networks, strengthening Billtrust's international eInvoicing compliance capabilities and expanding its presence across global markets.
• iController (acquired)coreTechnology or Integration · 12 October 2021Billtrust acquired Belgium-based iController, a SaaS provider for collections management, for $58 million. The acquisition was designed to expand Billtrust's presence in Europe and enhance its global collections capabilities, bringing advanced collections automation technology and European market expertise to the Billtrust platform.
• ERP Partners (40+ integrations)coreTechnology or IntegrationBilltrust maintains 40+ direct ERP connectors and 260+ AP portal integrations, enabling seamless data flow between Billtrust's AR platform and customers' existing finance systems. Partners include major ERP platforms that facilitate automated invoice delivery, payment reconciliation, and data synchronization.
• System IntegratorsminorImplementation/ SI/ Consulting PartnerBilltrust works with system integrators to support implementation and deployment of its AR automation platform for enterprise customers, providing professional services support for configuration, integration, and rollout.

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• HighRadius: HighRadius is a leading AI-powered autonomous finance platform specializing in order-to-cash, treasury, and B2B payments. It competes head-to-head with Billtrust in AR automation, cash application, collections, and deductions management, targeting similar enterprise and mid-market B2B finance leaders.
• Versapay: Versapay offers an AR automation and B2B payments network that connects billers and buyers through a collaborative platform. Following its acquisition of YayPay, it directly competes with Billtrust in automated invoicing, collections, and cash application, targeting mid-market and enterprise finance teams.
• Sidetrade: Sidetrade is a European-listed AI-powered order-to-cash platform providing cash collection, credit management, and dispute resolution. It overlaps directly with Billtrust's collections and credit modules and competes in the same European enterprise accounts that Billtrust is targeting via its Order2Cash and iController acquisitions.
• BlackLine: BlackLine is a cloud-based financial close and accounting automation platform that has expanded into AR automation and cash application. It targets enterprise CFOs and controllers with overlapping functionality to Billtrust's invoicing, cash application, and credit modules, and is recognized as a direct competitor by analysts including Gartner.
• AvidXchange: AvidXchange specializes in B2B payment automation for mid-market and enterprise customers, automating invoice processing, payment workflows, and AP/AR integration. It competes with Billtrust in the B2B payments and invoicing automation space, particularly with distribution, real estate, and HOA verticals.

Broad incumbents

• SAP: SAP is a global ERP incumbent whose S/4HANA and finance modules include native AR, invoicing, and collections capabilities. While Billtrust sits above SAP as a best-of-breed overlay, SAP's continued embedding of order-to-cash functionality represents the primary platform-competition risk for Billtrust's enterprise accounts.
• Oracle NetSuite: Oracle NetSuite is a leading cloud ERP that provides native AR, invoicing, and cash management functionality for mid-market and enterprise customers. As an Oracle-owned platform with built-in finance workflows, it competes broadly with Billtrust for AR automation budget within existing NetSuite customers.
• Workday: Workday is a cloud enterprise applications vendor covering finance, HR, and planning. Its Workday Financials and procurement offerings include invoicing and receivables functionality, making it an overlapping broad-suite competitor that bundles AR capabilities within a wider enterprise software footprint.

Emerging players

• Stampli: Stampli is an AI-powered AP/AR collaboration platform focused on invoice automation and approvals. While more AP-centric, it increasingly overlaps with Billtrust in collaborative invoicing, dispute management, and B2B payments, particularly in mid-market accounts.
• Tipalti: Tipalti is a global payables automation platform covering supplier onboarding, invoice processing, and cross-border payments. It is expanding into adjacent AR and B2B payments workflows, positioning it as an emerging adjacent competitor to Billtrust for finance-leader budget at mid-market and enterprise customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Billtrust
• YouTubeyoutube.com/@Billtrust
• Facebookfacebook.com/Billtrust-190766524352470
• LinkedInlinkedin.com/company/99112

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries2 records

Funding overview

Funding rounds8 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A9 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Billtrust