Stax, a supplier of payment processing services, has announced the introduction of Stax Bill, a rebranding of Fusebill, which Stax purchased in March 2021.
According to a press release, Stax Bill, like Fusebill, provides automated billing software as a service, or SaaS, to purveyors and other subscription businesses.
The Orlando, Florida-based company stated in the news release that “this move will make it easier for financial teams to access different Stax solutions under its one, easy-to-use platform.”
Stax Bill General Manager TJ Carlson stated in the release that it’s critical for billing systems to scale with organizations as they expand in order to simplify the invoicing process and enable finance teams to operate more efficiently. In addition to automating billing at scale, Stax Bill helps corporate firms to optimize subscription growth, generating more steady and predictable income, which is even more significant in the present economic context.
According to Stax Co-founder and President Sal Rehemetullah, the firm wants to deliver a “smooth end-to-end payments experience for SaaS businesses (and) a significant part of it for many of them is having automated invoicing and payments to enable a more seamless 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.
