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BTRS Holdings, Inc., known as Billtrust, is a market leader in providing cloud-based software and integrated payment processing solutions designed to simplify and automate B2B commerce. The company addresses the inefficiencies of traditional accounts receivable (AR) processes, which are often outdated, manual, and heavily reliant on paper. Billtrust offers essential solutions that cover various aspects of AR, including credit decisioning, online ordering, invoice delivery, payment and remittance capture, cash application, and collections.
Billtrust is spearheading the digital transformation of AR, helping businesses transition from costly paper invoicing and check payments to efficient electronic billing and digital payments. With a growing client base that now includes over 2,600 customers across 36 countries, Billtrust processes more than $1 trillion in invoice dollars annually. The company’s expertise and dedication to delivering meaningful customer outcomes have solidified its position as a trusted partner for finance leaders looking to control costs, improve cash flow, and enhance customer satisfaction.
In recent developments, Billtrust announced four new executive appointments aimed at strengthening its leadership team and bolstering financial resilience amid economic challenges. The new executives include Philip Ragona as Chief Legal Officer, Nick Izquierdo as Executive Vice President of Payments, and Esther Pomeleo-Fowler as Executive Vice President/Chief Customer Officer. Additionally, Christy Green has been promoted to Executive Vice President of Professional Services.
Billtrust continues to innovate with the launch of a new, user-friendly interface for its AI-powered AR software platform. This platform provides enhanced insights and a comprehensive view of AR processes, optimizing cash flow and improving staff productivity. A key feature of the platform is the Days to Pay Index, a proprietary benchmark measurement that offers customers valuable insights into their payment collection efficiency compared to industry peers.
Under its new brand promise, 'Moving Finance Forward,' Billtrust is committed to revolutionizing the order-to-cash process, elevating the customer experience, and helping companies achieve their financial goals faster. The company’s website, Billtrust.com, now features interactive web browsing capabilities and a new e-book titled 'Moving Finance Forward with Unified Order-to-Cash,' offering finance teams resources to leverage advanced analytics, AI, and automation in their AR processes.
BTRS Holdings Inc. will join the Russell 2000® Index effective June 28, 2021, enhancing its visibility to a diverse group of investors.
This addition signifies recognition of Billtrust's leadership in B2B accounts receivable automation and integrated payments. CEO Flint Lane expressed pride in this milestone, highlighting the Company's end-to-end solutions for the order-to-cash process. As part of the Russell indexes, Billtrust will also feature in growth and value indexes, which collectively benchmark over $10.6 trillion in assets.
Billtrust (NASDAQ: BTRS), a leader in B2B accounts receivable automation, announced that Gwenn Lazar, Senior Vice President of Channel Development, has been named to CRN's 2021 Women of the Channel list. This recognition highlights her leadership and contributions to channel growth, particularly during the challenges posed by the COVID-19 pandemic. Billtrust emphasizes the importance of channel partnerships, with Lazar driving initiatives to enhance collaboration and ensure client success. The announcement underscores Billtrust's commitment to empowering women in technology.
Billtrust (NASDAQ: BTRS) has launched Business Payments Network 4.0, enhancing its platform to support bi-directional invoice delivery and payment acceptance. This upgrade facilitates invoice presentation to over 170 accounts payable portals, responding to a rising demand from suppliers. In Q1 2021, card transaction volume increased by 117% year-over-year, while total payment volume soared by 146%. The expansion of unique bank and fintech platforms from 34 in 2019 to 58 in 2020 signifies the growing relevance of BPN in automating payment processes.
BTRS Holdings Inc. reported a robust first quarter for 2021, with total revenue rising 22.8% to $41.9 million. The software and payments segment drove growth, increasing 40.1% to $25.7 million. Gross profit soared 43.5% to $23.9 million, boosting gross margin to 56.9%. Total Payment Volume (TPV) surged 33% to $15.1 billion. However, the company recorded a net loss of $22.8 million, worsened by $10 million in fair value adjustments. Billtrust raised its full-year guidance, now expecting total revenue of $160 million to $166 million.
Billtrust (NASDAQ: BTRS) has announced a strategic partnership with Bottomline Technologies (NASDAQ: EPAY) that enhances the Paymode-X Network. This collaboration allows Bottomline's customers to access new card acceptance points via Billtrust's Business Payments Network (BPN). Customers can expect reduced processing times and costs, marking a significant step in the transition from traditional payment methods.
BTRS Holdings Inc. (NASDAQ: BTRS), a leader in B2B accounts receivable automation, announced participation in several upcoming virtual investor conferences. Key events include the Barclays Emerging Payments and FinTech Forum on May 20 at 1:20 PM ET, JP Morgan Tech, Media and Communications Conference on May 24 at 4:15 PM ET, William Blair 41st Annual Growth Stock Conference on June 1 at 11:40 AM ET, and Cowen 49th Annual TMT Conference on June 2 at 1:10 PM ET. Live webcasts will be available on the company's investor relations website.
BTRS Holdings (NASDAQ: BTRS), known as Billtrust, announced it will discuss its first quarter 2021 financial results during a conference call on May 12, 2021, at 5:00 PM ET. The call will be hosted by CEO Flint Lane and CFO Mark Shifke. It will be accessible via webcast on the company's investor relations website and by phone. A replay will be available after the call and until May 26, 2021. Billtrust specializes in cloud-based software and integrated payment solutions, targeting the automation and simplification of B2B accounts receivable processes.
Billtrust (NASDAQ: BTRS) announces open registration for the Billtrust Summit 2021, the largest virtual conference for accounts receivable and integrated payments, set for May 17-20, 2021. The free event will feature keynote speakers, including shift7 CEO Megan Smith and NFL Hall of Famer Steve Young, along with educational sessions and networking opportunities. Attendees will learn current trends in AR and payments, aiding in digital transformation. More details are available on Billtrust.com/Summit2021.
BTRS Holdings Inc. reported a 7% increase in total revenue for the year 2020, reaching $145.7 million, with software and payments segment revenue growing 17.9% to $81.2 million. The company achieved a 12.6% rise in net revenue to $108.6 million. Despite net losses narrowing to $17 million from $22.8 million, adjusted EBITDA remained a loss of $2.2 million. For 2021, BTRS expects total revenue between $159 million and $165 million, indicating a projected growth of approximately 15%.
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