Bill.com, a digital business payments company that manages about $60 billion in payments per year for 3 million-plus members, has raised $88 million in funding led by Franklin Templeton and, separately, has entered an agreement with Mastercard to bring faster payments to SMBs.

Mastercard, Fidelity Investments Canada ULC, Kayne Anderson Rudnick, Temasek, Cross Creek and Fleetcor participated in the funding round, according to a company press release. To date, Bill.com has raised more than $275 million, with investments from American Express, Bank of America and JP Morgan Chase.

Through its new agreement with Mastercard, Bill.com will offer the network's virtual cards to small and mid-size businesses as an alternative means of bill payment.

"We’re excited to partner with Mastercard as a leading global payment company that has blazed new ground in business payments for small and midsize companies,"Bill.com Senior Vice President Bora Chung, said in the release.