Stampli is an AI-powered platform enabling businesses to take full control of their accounts payable (AP) process by combining AI and communications. The company was founded by two brothers, Eyal and Ofer Feldman, who experienced firsthand how broken and manual the invoicing process is across all industries. They knew there had to be an easier way and set out to solve the problem. Soon after, Stampli was born, and today it is the fastest growing AP automation platform in the world.
TACKLING THE UNSEXY
We built Stampli to help AP departments collaborate better with approvers, vendors, and anyone involved with purchases, instead of making the approval process a time-sucking slog. Historically, AP teams waste hours and even days chasing down people across all departments to complete the invoice approval process, which can easily lead to errors, double billing for the same invoice, and causing massive delays in getting people paid in a timely manner.
SCALING FOR THE US
In 2016, we were building our initial product and selling to local customers in Tel Aviv. But we quickly realized that we were always going to be limited in our ability to scale in the small Israel market. So we decided to completely focus on customers in the US market. We met Gil and Shuly a few months later, and with limited resources and true hustle, we relocated Stampli’s headquarters to the West Coast.
REACHING CRITICAL MASS
Looking back, it now seems so obvious that moving to the US was critical for Stampli’s growth. One of our first customers in Israel was a broadcasting company, and after seeing success there, we tried to identify other broadcast companies to target. The problem was there were only like three others. In the US, there were tens of thousands. That realization was the “ah-ha” moment and we haven’t looked back since. Being in Silicon Valley opened a whole new world of possible customers and being able to make introductions to new contacts at these companies via the UpWest network supercharged our operations. Today, Stampli is now processing more than $12 billion in invoices annually. More than 1,900 business entities and 40,000 users trust Stampli to centrally collaborate their invoice activities and automate their approval workflows. Stampli was named to the Leader Quadrant for both Best AP Automation Software and Tools for ERP on G2 Crowd for 2019. In AP Automation, Stampli was the highest rated in user satisfaction and product usability.
Eyal Feldman (CEO) and Ofer Feldman (CTO)
Total Funding Raised:
SignalFire, Bloomberg Beta, Hillsven Capital, NextWorld Capital
Mountain View (HQ) and Tel Aviv