Signed four more top financial services companies as customers in 2007
Santa Clara, CA --- February 12, 2008 --- Billeo, the company that makes shopping and paying bills online easy and secure, today announced that it has achieved significant growth and major milestones in 2007.
Among its achievements for the year, Billeo signed on four more of the leading U.S. financial services companies as customers. With consumers demanding more choice and control when transacting online, banks and financial services companies rely on Billeo to make it easier for consumers to shop and pay bills online when and how they want -- whether it’s through an online bank account or with a credit, debit or prepaid card.
With more financial services companies offering Billeo to millions more consumers, existing Billeo users also increased their reliance on Billeo: in 2007 the average Billeo user made $1,350 in transactions per month using Billeo, up 27% compared to 2006. And Billeo assisted consumers with making payments at more than 12,000 different online merchants and billing companies, such as utility companies, mobile phone providers, and even property management and mortgage companies.
On the product front, Billeo made important enhancements to its suite of online payment products consisting of its Bill Pay Assistant, Shopping Assistant, and Password Assistant. Billeo introduced the Billeo Shopping Assistant over the summer to help consumers manage and track online purchases. It also added an innovative feature that automatically saves all online payment confirmation pages, a feature that has become extremely popular with Billeo users.
To close out the year, Billeo announced in November that it had raised $7 million in Series B venture funding, further validating investors’ confidence in the company’s vision.
“2007 was a pivotal year for Billeo,” said Murali Subbarao, Billeo’s founder and CEO. “As consumers look for better, more secure and more convenient ways to execute, manage, and track online transactions, they’re discovering all the great benefits Billeo has to offer. This is also why Billeo is featured on the websites of more than 40 banks, including six of the top 10 banks. With the funding we raised at the end of last year and the improvements we made to the product suite, Billeo has strong momentum entering 2008.”
Billeo streamlines the online payment process by giving consumers and small business owners complete control over when and how they manage, organize, pay bills and shop online. With Billeo, payment is instantaneous and your receipts are automatically captured, saved and filed. Billeo offers one-step password log-on to one-click completion of online shopping and bill pay forms. Additionally, the Billeo Biller Directory has nearly 6,000 billing companies across 26 categories, including utility, cable and credit card companies-the largest Biller Directory available.
Billeo’s award-winning toolbar for managing and tracking bill payments and online purchases recently received the Editor’s Choice award and a Four Star rating from PC Magazine, and is available to anyone online for free at www.billeo.com.
Billeo gives consumers a fast, easy and intelligent way to exercise choice and control over their online purchases and payments. Billeo functions as the catalyst to make online purchases and bill paying as easy and financially rewarding as possible.
Billeo was founded by experts from the EBPP, card issuer, banking, ecommerce and technology industries. Over 40 banks, 6 of the top ten card issuers and over 6,000 companies across 26 categories are part of the trusted Billeo network including Visa, Chase, Wachovia, Bank of America, Wells Fargo, and Target. Information about Billeo can be found at www.billeo.com.
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