Bill.com revs up expansion plan by adding two senior leaders
Bill.com, which facilitates digital payments to and from businesses, is adding two executives in newly created roles to help fuel its growth.
The Palo Alto, Calif., fintech company, which received a $100 million infusion from JPMorgan Chase and other investors this past fall, has recruited Yael Zheng as chief marketing officer and Vinay Pai as senior vice president of engineering.
The hires were expected to be announced Tuesday.
Zheng, who will drive awareness for Bill.com, has worked for VMWare and other technology companies during high-growth phases leading up to initial public offerings.
Pai will oversee the technology team as Bill.com expands into new products. He comes from First Data, where he focused on point-of-sale products. He also has experience from Intuit during a time when online use of its QuickBooks grew from 300,000 to 1.5 million customers.
Three of the 10 largest banks in the country — Bank of America, Capital One and PNC Financial Services Group — partner with Bill.com to offer a white-label version of its digital billing services to their business customers. A fourth, JPMorgan Chase, is set to launch the service this year and Bill.com has said that it is looking to team up with more banks.
Most of the top 100 accounting firms also offer Bill.com’s services to their business customers.
Overall, Bill.com has 3 million businesses as users, and the company said it anticipates significant growth in the coming year via the partnership with JPMorgan Chase and another one with QuickBooks Online.
“Vinay and Yael bring a track record of driving tremendous growth, and their leadership will enable us to continue to partner with top banks and leading accounting software providers and provide all businesses with our innovative payments solution,” said Renė Lacerte, Bill.com’s chief executive.
Zheng most recently was the chief marketing officer at the enterprise cloud company Tintri, where she was instrumental in its IPO. Before that, she was vice president of marketing at another cloud company, VMware, overseeing key initiatives that supported its growth to a post-IPO, multibillion-dollar operation. Zheng said she sees “massive opportunity for growth” at Bill.com, as businesses give up checks in favor of more efficient digital payments.
Pai was a senior vice president of engineering at First Data and, before that, a vice president for the Intuit Developer Platform, where he was responsible for the QuickBooks ecosystem of third-party applications and developers. He also held engineering leadership roles at Cassatt, Sun Microsystems and Schlumberger.
“Managing payments is essential to businesses, and an efficient payment platform requires advanced technology, scalability and operational rigor,” Pai said. He cited Bill.com’s use of artificial intelligence and machine learning to streamline payments, guard against fraud and reduce cumbersome data entry among its advantages.
The $100 million in funding that Bill.com announced in October brought its total funding to $200 million.