13D Management Exits Bill.com Stake Amid Fintech Valuation Shift

13D Management has fully liquidated its 90,000-share position in Bill.com (NYSE:BILL), according to an SEC filing dated May 15, 2026. The fund executed the exit during the first quarter of 2026, with an estimated transaction value of $4.03 million based on quarterly average pricing. The position’s quarter-end value decreased by $4.91 million, a figure that encompasses both trade effects and market price movements.

The divestment follows a challenging period for the fintech company, whose share price has declined 17% over the past year. This performance significantly underperformed the broader market, with the S&P 500 rising approximately 25% during the same timeframe. As of May 14, 2026, BILL shares were priced at $39.49.

Despite the institutional exit, Bill.com reported robust third-quarter fiscal results earlier this month. Revenue grew 13% year-on-year to $406.6 million, while core revenue, excluding float income, increased 16% to $371.1 million. The company swung to a quarterly profit of $12.8 million, a reversal from the $11.6 million loss reported a year earlier, and expanded its non-GAAP operating income by 50%.

Management has also moved to support shareholder value, authorising a new $1 billion stock repurchase programme. This follows the buyback of roughly 1 million shares during the quarter. In the reported period, Bill.com processed $89 billion in payment volume and served nearly 494,000 businesses, maintaining a substantial footprint in small-business finance automation.

The sale appears to reflect a broader portfolio reset away from slower-growth fintech names that have struggled to regain their market premium. While Bill.com operates a software-as-a-service model providing cloud-based financial automation for accounts payable and receivable, investors are increasingly focused on whether growth can reaccelerate to justify higher valuations in the current software sector.