LOWOutside partyCounterparty
card-issuing bank
“10-K Item 1A: 'we are dependent to a certain degree upon the fraud controls implemented by our card-issuing bank and processing partners in connection with our BILL Spend and Expense products'”
BILL · Concentration risk · 10-K extracted
BILL Holdings (BILL) concentration risks
Updated
The most significant concentration BILL Holdings discloses is card-issuing bank, classified LOW 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
HIGH0
MEDIUM0
LOW1
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 2026-08-30BILL Holdings' disclosed concentration risk is narrow and low-share: the company states it is dependent to a certain degree upon the fraud controls implemented by its card-issuing bank and processing partners in connection with its BILL Spend and Expense products. That is a dependency-type exposure — tied to specific banking and processing counterparties rather than to any customer, geography, or product line — but it is disclosed at the low end of the size band, and no other concentration risk (customer, geographic, or supplier) appears in the filing. On the evidence disclosed, this is a narrow operational dependency rather than a broad structural feature of the business, and it centers on execution risk (fraud-control quality at partner institutions) more than on revenue concentration. Given its limited scope, this exposure is unlikely on its own to be a swing factor for the BILL investment thesis, though it is worth monitoring alongside any future disclosures about processing-partner relationships.
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 |
| AGYS | Agilysys, Inc. | 0 | 2 | 0 | 2 |
| BILL● | BILL Holdings, Inc. | 0 | 0 | 1 | 1 |
| 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.