Bill.com Holdings, Inc.

This is our first report on Bill.com, a leading fintech player that provides digitization solutions for back-office financial operations of SMBs. The company has actively been expanding its cloud-based offerings and widening the scope of its platform solution and the range of clients, from small businesses to mid-market corporations. Bill.com delivered an all-around beat in the last quarter as the macro-environment has started to show signs of altering spending habits at the close of the fourth quarter, particularly in discretionary areas like advertising. They established new strategic alliances and started expanding their clientele internationally, providing services to clients in more than 150 nations. Bill.com is in a great position to take advantage of the enormous market opportunity. Their organic client base achieved record growth and their customer retention and net dollar-based retention rates also expanded considerably in the last quarter. We initiate coverage on the stock of Bill.com with a ‘Buy’ rating.