Cloud payment software producer Bill.com raised the cash at a valuation of more than $1bn, securing investments from Mastercard and Fleetcor in the process.

US-based business payments software provider Bill.com received $88m on Tuesday in a funding round led by investment manager Franklin Templeton that included payment services provider Mastercard and payment product supplier Fleetcor.

Fidelity Investments Canada, a branch of investment and financial services group Fidelity, also took part in the round, alongside boutique investment firm Kayne Anderson Rudnick, venture capital firm Cross Creek and Singaporean state-owned investment firm Temasek.

Bill.com runs a cloud payment platform designed for use by small and medium-sized…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.