Bill.com (NYSE:BILL), a cloud-based provider of financial services for SMBs, recently announced its third quarter results that surpassed market expectations. Bill.com continues to expand its offerings for the sector through partnerships and acquisitions.

Bill.com’s Financials

Revenue for the quarter grew 38% to $59.74 million, significantly ahead of estimates of $54.64 million. GAAP net loss was $26.7 million, compared to net loss of $8.3 million a year ago. Non GAAP net loss was $1.7 million, or $0.02 per share, compared with a net loss of $2.4 million or $0.03 per share last year. The market was looking for a loss of $0.07 per share for the quarter.

By segment, subscription and transaction revenues grew 62% to $58.6 million. Subscription fees grew 32% to $29.3 million, and Transaction fees increased 112% to $29.3 million.

Among key metrics, it reported a customer growth of 27% over the year to over 115,600. It processed $35 billion in total payment volume, growing 44% over the year from 7.2 million transactions.

Bill.com’s Product Upgrades

Recently, Bill.com announced its acquisition of Utah-based Divvy. Founded in 2016 by Alex Bean and Blake Murray, Divvy is a secure financial platform that allows businesses to manage payments and subscriptions, build strategic budgets, and eliminate expense reports. It integrates real-time tracking with each business transaction, giving organizations instant insight into their spends. The acquisition enhances Bill.com’s ability to deliver value to the combined customer base. It will give businesses the opportunity to automatically manage both payable and receivable accounts as well as corporate card spend in one combined space. Prior to the acquisition, Divvy had raised $417.5 million in five rounds of funding from investors including New Enterprise Associates, Pelion Venture, Insight Partners, Jonathan Weiner, PayPal Ventures, Whale Rock Capital Management, Schonfeld Strategic Advisors, Hanaco Venture Capital, and Acrew Capital.

Meanwhile, Bill.com continued to expand its payment offerings through partnerships. It recently partnered with the San Francisco Chamber of Commerce, the Black Chambers of Atlanta, and the regional economic development organization Greater St. Louis to support small and midsize businesses to provide insights into how different regions are approaching business in the next year. To further help SMBs, Bill.com is offering a free 90-day use of the platform with private consultations and introductory support to help streamline onboarding and to address any questions for businesses as they transition to digital tools.

Its stock is currently trading at $184.7 with a market capitalization of $15.4 billion. It had fallen to a 52-week low of $77.81 in July last year. It hit a 52-week high of $195.95 in February. Bill.com had listed on the NYSE in December 2019 when it raised $216 million at an IPO price of $22 apiece and a valuation of $1.6 billion. Prior to listing, it had raised $279.7 million through venture rounds. Its last venture round had valued the organization at $1.1 billion.