Billtrust to go public via SPAC in $1.3 billion deal

The company will launch with a cash balance of about $200 million

Billtrust announced on Monday it will go public through a merger via SPAC South Mountain Merger Corp. in a deal valued at $1.3 billion, including debt.

As FinLedger has previously reported, SPACs (special purpose acquisition companies) are becoming an increasingly popular method to go public. In recent weeks, we’ve covered the launch of a number of fintech-focused SPACs, including Cascade and Lefteris.

Billtrust, a B2B provider of cloud-based software and integrated payment processing solutions, will change its name to BTRS Holdings once the transaction closes. The company will trade on the Nasdaq Stock Market under a new ticker symbol and with a cash balance of around $200 million and no debt. This will allow it to grow organically and inorganically, the company said.

Billtrust’s management team – led by Flint Lane, founder and CEO; President Steve Pinado, and CFO Mark Shifke – will continue to lead the company.

“We believe AR [accounts receivable] is ripe for innovation, and together we will continue to invest in opportunities to scale the business, growing both organically and inorganically, as we seek to tackle the large total addressable market,” Lane said in a written statement.

The company operates under the premise that AR is “broken and relies on conventional processes that are outdated, inefficient, manual and largely paper-based.”

Founded in 2001, Lawrenceville, N.J.-based Billtrust has raised $115 million in funding over time, according to Crunchbase. Its offerings span credit decisioning and monitoring, online ordering, invoicing, cash application and collections. They integrate with a number of players, including financial institutions, enterprise resource planning (ERP) systems, and accounts payable (AP) software platforms. The company’s customers use its platform to do things such as transition from paper invoicing and check acceptance to electronic billing and payments.

In June 2019, former CardConnect CFO Chuck Bernicker closed a $250 million initial public offering for South Mountain, a “blank check” company formed for the purpose of acquiring financial technology businesses.

Following this announcement, FinLedger interviewed Billtrust CEO Flint Lane. In this in-depth interview, Lane discusses 2020 revenue projections, his company’s goal of being the ‘Venmo of B2B’ and the choice to pursue public markets via a SPAC vehicle. Full interview here.

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