Garima Shah and Thomas Aronica aim to solve a common problem for small business owners: their existing accounting software and payment systems fail to connect seamlessly. Around 64% of small businesses (SMBs) face delayed payments, exacerbating financial instability. Motivated by these concerns, Shah and Aronica set out to equip SMBs with an enterprise-level solution through Biller Genie, a B2B SaaS platform ensuring automated A/R reconciliation to eliminate manual and time-consuming inquiries.
Product Overview: Biller Genie is a cutting-edge automation tool designed to address these connectivity issues. Key features include seamless integration with major banking institutions, seamless integration with prominent accounting systems like QuickBooks and Xero, and the ability to handle overtimes and decentralized payments. The platform reduces the average payment cycle from 47 to 9 days, accelerating cash flow management and minimizing costly deductions for overdue invoices. Empowering service-based businesses to prioritize cash flow is a game-changer, as clients often abandon invoices due to infrequent billing.
Growth and Revolution: Biller Genie has achieved a remarkable revenue growth, with a compound annual growth rate (CAGR) of 139% over three years, driven by product-market fit and an extraordinary team that fosters innovation. Their success is further solidified by their expertise in embedded finance and digital payments, aligning with trends toward seamless, frictionless experiences for customers.
Future Outlook and Embedding: The rapid growth underscores their vision of providing enterprise-class solutions tailored to SMBs. As fintech evolves, Biller Genie promises to embed into other payment processors, serving as the backbone for integration once again. With meticulous planning and a focus on embedded payment features, the company is poised to thrive in a competitive market, continuing to simplify complex accounting processes for small businesses.
