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Riverwood Capital leads $50M funding round for Billtrust

Payments technology firm Billtrust raised $50 million and is allotting the proceeds to expand in adjacent markets and improve its Quantum Payment Cycle Management product.

The funding round was led by Riverwood Capital Management L.P., whose founding partner, Francisco Alvarez-Demalde, joined Billtrust's board.

Financial Technology Partners LP and FTP Securities LLC acted as Billtrust's exclusive strategic and financial adviser.