Shares in cloud business payments firm Bill.com Holding Inc. surged on their debut at the New York Stock Exchange today, closing their first day of trading up more than 61%.

The company, a 13-year-old Palo Alto, California-based financial technology provider, priced its initial public offering shares at $22 each. With 9.82 million shares on offer, the company raised $216 million at a $1.6 billion valuation. The shares closed regular trading at $35.50.

While not as well-known as high-flying fintech startups such as Robinhood Market Inc., Bill.com had a long history with decent financials coming into its IPO. In the 12 months ended June 30, the company booked $108.4 million in revenue, up 67% year-over-year, with a $7.3 million loss.

The company focuses on providing digital payment services to small and medium-sized enterprises. Bill.com’s cloud-based software, assisted by artificial intelligence, digitizes and simplifies back-office financial operations, creating connections between businesses and their suppliers and clients to assist in the management on cash inflows and outflows.

Bill.com has more than 81,000 customers, including Spikeball Inc., Wild Friends Food Inc., O&M and Niche and Lindsey Leasing. The company also has partnerships with Bank of America Corp., J.P. Morgan Chase & Co. and American Express Co.

The appeal of the IPO, assisted by decent financials, also came down to the appeal of the market it targets. “There has been good enthusiasm from investors in part because it’s a huge market opportunity we’re going after,” John Rettig, chief financial officer of Bill.com, told Forbes. Rettig added that Bill.com would be profitable and cash-flow positive in the future, though it declined to provide a time frame.

Coming into its IPO, Bill.com has raised $347.1 million over 11 funding rounds. Investors included Franklin Templeton, JPMorgan Chase, New Enterprise Associates, Union Square Ventures, Temasek, August Capital, Venrock, Pelion Venture Partners, Greenspring Associates, CapitalG (Google Capital), Microsoft, Baidu, Qualcomm, Fidelity, Scale Ventures, Napier Park, DCM, Icon Ventures, Emergence Capital, Silicon Valley Bank and American Express.

Bill.com’s result is a positive for the broader IPO market coming into 2020 after a year of mixed results, as investors became picky in which tech-related stocks they decided to buy. Companies with solid financial prospects fared well, while others, most notable among them Uber Technologies Inc. and Lyft Inc., were hammered.

Image: Bill.com