Bill.com, a business payments and software platform firm, today announced an $88 million funding round led by Franklin Templeton that makes it the latest fintech unicorn. The Palo Alto, Calif.-based firm also announced plans to offer Mastercard virtual cards as part of the Bill.com automated accounts payable solution for small and midsize businesses.

The company said the SMB segment is “ripe for disruption” as innovation in business payments has lagged behind the strides made in consumer payments. According to Bill.com, 80% of the more than $58 trillion in B2B payments made annually are paper checks.

The roll-out of Mastercard virtual cards will add a new electronic alternative to checks as Bill.com continues to push businesses toward adopting digitized payments. The company said virtual credit card payments offer an efficient, alternative way forward by minimizing the costs, time and manual labor associated with legacy, paper-based processes.

Other large financial players are certainly eyeing ways to accelerate the decline of paper-based processes.

Phil Beck, Head of Treasury Management at Capital One, recently told Bank Innovation the days of paper-based payments, at least at the scale seen today in commercial banking, are numbered. He also acknowledged that the data would certainly suggest the use of paper is still persistent.

“There’s so much good that comes from driving to a fully electronic, end-to-end transaction, especially in a business environment, that we absolutely believe it’s our responsibility to help drive that conversion,” Beck said. “I don’t think we look at it as though cash and paper necessarily hold us back. It’s an opportunity.”

René Lacerte, CEO and founder of Bill.com, previously told Bank Innovation that payroll and B2B payments are still huge pain-points for SMBs.

“The idea behind creating Bill.com was to address this pain-point,” he said. “No one else was doing it.”

Mastercard, which also participated in the latest round of funding, touted the potential of its partnership with Bill.com to accelerate adoption of the more efficient payments. The new payment option is now integrated into the Bill.com accounts payable workflow on the cloud-based platform.

“With the partnership with Bill.com, we can bring the benefits of virtual cards to hundreds of thousands of smaller enterprises in the United States,” Ginger Siegel, North America Small Business Lead at Mastercard, said in a release. “Virtual cards are more secure and provide transparency into cash in-flows and out-flows, which is critical to the growth of all small businesses.”

Also see: Amex and Mastercard Zeroing In on Businesses with New Partnerships

Bill.com said it has over 3 million members and manages more than $60 billion in annual payment volume.

In addition to investments by Franklin Templeton and Mastercard, other participants in the latest round included certain Fidelity Investments Canada ULC-managed funds, Kayne Anderson Rudnick, Temasek, Cross Creek and FLEETCOR. Bill.com has raised more than $275 million to date, including investments from American Express, Bank of America, and JPMorgan Chase.