Billhighway is moving from the millions to the billions when it comes to the transactions it processes. The Troy-based tech firm processed $500 million in transactions last year and is on track to hit $1.5 billion in 2011. Next year's goal: $3 billion.
"We're growing very substantially," says
Vince Thomas, CEO of
Billhighway. "Our goal is to increase that number into the tens of billions of dollars a year."
Billhighway's technology helps organizations allocate expenses for items such as dues or dinner costs or any other miscellaneous costs. The inspiration came from Thomas trying to divide bills between himself and his fellow roommates at Eastern Michigan University in the late 1990s.
The company went from a post-college passion for Thomas 12 years ago to a 50-person company today. Billhighway has expanded its staff by 10 people since we checked in with them last February. Thomas expects his firm to pass the 70-person mark next year, creating another 25 jobs.
Companies with that sort of sharp growth curve usually are funded by venture capital or private equity investors. Billhighway is completely self-funded and Thomas doesn't expect to need any outside capital to fuel 2012's projected upswing.
Source: Vince Thomas, CEO of Billhighway
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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