HighRadius, a startup which offers tools to automate the corporate invoicing process, has raised $125 million in Series B funding to grow its product suite and expand its international reach, the company confirmed this week.

With the new funding, HighRadius hopes to expand its relationship with bank partners and their corporate clients through its treasury offerings, which launched in the second quarter of 2019. As banks’ corporate clients often struggle to estimate how much working capital they should keep on hand, HighRadius’ AI-based cash forecasting tools provide an accurate picture of working capital needs based on incoming and outgoing payments.

“Most companies we know forecast in spreadsheets and do it over relatively short [time] windows. As a result, they end up having to maintain a much higher working capital balance,” said Urvish Vashi, vice president of global marketing at HighRadius. “Our clients more or less think of working capital as deadweight on the balance sheet. You can’t deploy it as an investment. If you were perfect, you wouldn’t keep any more than you needed.”

The funding will help grow HighRadius’ sales, marketing and customer success teams. In addition to its offices in Houston and Hyderabad, India, the company is using the money expand teams in London and Amsterdam, which began operations last year.

HighRadius also plans to hire new product managers and engineers. ICONIQ Capital led the round, and Susquehanna Growth Equity and Citi Ventures participated.

See also: Citi taps HighRadius for cheaper cross-border payments

The Houston-based company was founded in 2006 and helps corporations automate the invoicing process and match incoming payments with open invoices. HighRadius’ bank client list includes Bank of America, Citibank, TD Bank, PNC and Bank of the West. In 2018, Citi Treasury and Trade Solutions partnered with HighRadius to develop Citi Smart Match, which matches open invoices with received payments for corporate clients. In addition, the bank and HighRadius launched a tool called Citi Global Collect in November that allows clients to make international payments in the currency of their choice.

The latest funding round adds to a $50 million Series A the company raised in 2017. According to Vashi, the company is now valued at more than $1 billion and processes $1 trillion in transactions each year. HighRadius works with large corporations like Unilever, Johnson & Johnson and Bayer, in addition to banks.

Erika Baumann, senior wholesale banking analyst at Aite Group, said HighRadius’ core receivables offerings are not completely unique, but added that its automated invoicing and matching capabilities make it one of the top vendors in that space.

“HighRadius has functionality that no other vendor is currently capable of when it comes to invoicing, credit applications and credit risk scoring,” Baumann said. “This helps a business to decide payment terms and project the likelihood of on-time payments as well as receivables forecasting.”

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