Online Billing Company Raises $30 Million

PayMyBills.com, one of several small online billing services providers, said it had raised $30 million from a group of companies led by E-Trade Group Inc. PayMyBills.com also said it had signed a joint marketing agreement to become the exclusive provider of online billing services to E-Trade’s base of 2 million customers. John Tedesco, co-founder and chief executive of the privately held company, said the deal with E-Trade was the most important that his firm had signed with another company. Venture capital firms ComVentures, Financial Technology Ventures, Idealab and Idealab Capital Partners also gave money in exchange for preferred shares, he said. PayMyBills.com, which in June raised some $4.5 million, planned to use the money from the latest investors to upgrade and market its services.