Philadelphia SPAC Merges with Billtrust to Fund B2B Payments Growth

In October 2020, a Philadelphia-based special purpose acquisition company (SPAC) announced a merger with Billtrust, a New Jersey-based payments software company specializing in business-to-business accounts receivable automation. Under the terms of the deal, SPAC investors would own approximately 17% of the combined entity, providing Billtrust with significant growth funding. Billtrust's platform helps businesses automate invoice-to-cash processes and integrate payments into their workflows, representing a form of embedded finance for enterprise customers.

The SPAC merger route allowed Billtrust to access public capital markets more quickly than a traditional IPO. Financial details beyond the ownership split were reported in connection with the announcement. The deal is emblematic of the broader trend in late 2020 where SPACs became a preferred vehicle for fintech and payments companies to go public.

The transaction positions Billtrust to invest further in its B2B payments infrastructure and expand its customer base among enterprises seeking embedded payment solutions.