E-billing firm Brite:bill has raised €1.2m from The Ulster Bank Diageo Venture Fund, which is managed by NCB Ventures, after completing a series A funding round.
The Dublin-based company intends to use the funding to drive market expansion in the UK and Europe in 2011.
First launched in January 2010, Brite:bill provides a new generation of interactive paperless billing technology that delivers a unique, customisable environment for the delivery, personalisation and payment of bills, invoices and statements over the internet.
“We are building a global company that is revolutionising the world of interactive billing,” said Alan Coleman, CEO of Brite:bill.
“Brite:bill enables service providers to exploit their billing processes to cement long-term profitable relationships with customers and dramatically change the way they engage with their consumers online.”
With Brite:bill, service providers, banks and postal providers can bring a new level of interactivity and personalisation to their online billing portals. It enables them to offer informative, functional and highly insightful services to their customers.
Online analysis tools
Direct billers such as telcos and utility companies can provide a suite of online analysis tools that incentivise customers, both consumer and corporate, to adopt electronic billing and payment, reducing costs while also offering the potential to grow revenues via their online channels.
Brite:bill also supports the consolidation/aggregation model for electronic bill presentation and payment (EBPP), enabling consumer services organisations such as banks, postal operators or websites to offer consumers a single destination to access, manage and pay bills from multiple service providers.
Will Prendergast, partner, NCB Ventures, said: “Service providers are encouraging customers to move towards electronic bill presentment and payment, as it enables them to realise significant cost savings.
“However, the adoption rates until now have been low due to poor software design and user experience.
“Brite:bill has created a solution to this by developing user-friendly software that delivers a fully interactive, online service for customers to pay their bills. We believe the company and its product has very significant potential in Ireland and overseas and the fact that Brite:bill has attracted senior executives from Facebook, Skype and eBay to join their advisory board is a clear indication of how attractive the company’s offering is to consumers and businesses alike,” Prendergast said.