The debut of Stax Bill, a rebranded version of Fusebill, which Stax acquired in March 2021, has been announced by Stax, a provider of payment processing services.
A press statement claims that Stax Bill offers automated billing software as a service, or SaaS, to purveyors and other subscription businesses, just like Fusebill does.
“This shift will make it easier for finance teams to access multiple Stax solutions under its one, easy-to-use platform,” the Orlando, Florida-based firm said in a news statement.
According to Stax Bill General Manager TJ Carlson, in order to streamline the invoicing process and make it possible for finance teams to work more effectively, billing solutions must scale with enterprises as they grow. Along with automating billing at scale, Stax Bill assists corporate businesses in maximizing subscriber growth, producing more consistent and predictable income, which is even more crucial in the current economic environment.
Sal Rehemetullah, the co-founder and president of Stax, claims that the company aims to provide “a smooth end-to-end payments experience for SaaS enterprises, (and) a key part of it for many of them is having automated invoicing and payments to enable a more fluid cash flow.”
Stax was previously known by the moniker Fattmerchant.
The company states that it has served more than 22,000 customers and handled more than $10 billion in transactions.
The Stax has gained unicorn status, or a valuation of at least $1 billion, following a $245 million investment round. Among the investors in that round were Greater Sum Ventures, HarbourVest Partners, and Blue Star Innovation Partners.
Rehemetullah and co-founder Suneera Mudhani are said to be related.
Stax’s status as a unicorn was significant in part because it is a minority- and woman-owned business that receives few venture capital investments.