Billeo Closes Series A Investment Led By Altos Ventures

Altos Ventures General Partner Ho Nam, Claremont Creek Ventures Managing Director Randy Hawks, and Pacifica Fund Managing Director Tim Oren have taken seats on Billeo's Board of Directors. Steve Elefant, a veteran electronic payment processing and e-commerce entrepreneur, and venture partner at Claremont Creek Ventures, will serve as a board and technology advisor.

"Billeo's elegance and practicality make it a standout among electronic payment services," said Mr. Elefant. "We're particularly impressed with the extent and quality of support Billeo has generated among banks, credit card companies, and vendors that are setting up direct online payment systems."

The venture deal closely follows an agreement with Visa USA to integrate "Powered by Billeo" features into its bill pay website (http://visa.com/billpay) as well as the sites of its member banks.

"Billeo represents a unique opportunity for credit card issuers to increase the use of their cards for paying bills online," said Altos Ventures General Partner Ho Nam. "Over 30 million households pay bills online. Add in small businesses, and it's a trillion-dollar opportunity. At the same time, Billeo is attractive to consumers because it makes it easy to consolidate, track, and manage online payments across all their credit cards and bank accounts; they can use a different account every time they pay a bill and Billeo still tracks and streamlines the process."

"The Billeo service empowers consumers and makes biller-direct payments and bill management both convenient and beneficial to them," said Billeo founder and CEO Murali Subbarao. "We are thrilled that the funding will enable us to significantly increase the pace of development and the reach in the market."