HIGHOutside partyCounterparty
Issuing Banks
“10-K Item 1A: 'For a substantial majority of extensions of credit to BILL Spend and Expense spending businesses ... we purchase from the Issuing Banks participation interests in the accounts receivables'”
BILL · Concentration risk · 10-K extracted
BILL Holdings (BILL) concentration risks
Updated
The most significant concentration BILL Holdings discloses is Issuing Banks, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: BILL Holdings’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH1
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-09-06BILL Holdings' disclosed concentration risk is narrow but high-share: the company depends on its Issuing Banks for a substantial majority of extensions of credit to BILL Spend and Expense spending businesses, purchasing participation interests in the resulting accounts receivables from those banks. This is a single-line, high-share dependency rather than a diversified customer or geographic concentration, and its character is purely counterparty-based — the risk lies in the banking relationships that make the spend-and-expense credit product possible, not in any named commercial customer, supplier, or market. Because no other concentration is disclosed in the filing, this dependency is effectively the whole of BILL's concentration picture: if the Issuing Bank relationships were disrupted or repriced, the company's ability to extend credit through that product line would be directly affected. There is no offsetting structural exposure — such as a broad geographic or product mix — to diversify this risk, so the verdict on concentration for BILL rests almost entirely on the durability of these banking partnerships rather than on macro-cyclical factors.
For the engine’s reasoning on BILL’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Software - Application
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ADSK | Autodesk, Inc. | 1 | 1 | 1 | 3 |
| ADEA | Adeia Inc. | 1 | 0 | 0 | 1 |
| BILL● | BILL Holdings, Inc. | 1 | 0 | 0 | 1 |
| AGYS | Agilysys, Inc. | 0 | 2 | 0 | 2 |
| ADBE | Adobe Inc. | 0 | 0 | 0 | 0 |
| ADP | Automatic Data Processing, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.