MA-based MineralTree has received $11 million in Series B funding. The latest round was led by First Data.
Existing investors .406 Ventures and Fidelity Growth Partners participated in the round that brings the company’s total funding to $22.7 million. MineralTree will use the funds to accelerate product development and further expand its direct sales organization targeting growing companies and financial accounting outsourcing (FAO) organizations.
As part of the investment, executive vice president and head of financial services at First Data, Andrew Gelb, will be joining the Board of Directors at MineralTree.
The organization’s most recent Electronic Payments Survey found that half of all large companies still use paper checks to make B2B payments. Evidence of significant adoption from previous studies demonstrates that many large companies are looking for ways to improve and automate processes, but they are the exception. AP and payment automation within growing and mid-sized firms is virtually non-existent.
To help growing companies optimize AP and payment efficiency, MineralTree captures invoices as they arrive, routes them for approval through existing workflows and directly executes payments. As a Web-based solution that integrates seamlessly and in real time with accounting/ERP and banking systems, MineralTree provides unparalleled visibility and control of cash flow. It helps financial professionals at growing companies focus more on strategic tasks instead of chasing down approvals, printing checks, and licking envelopes. In addition, MineralTree does not use settlement accounts, so it improves security by minimizing the movement of cash, while also providing a $100,000 online annual fraud protection guarantee.
MineralTree provides the easiest to use Accounts Payable (AP) and Payment Automation solutions for finance professionals at growing organizations. MineralTree streamlines AP, giving customers unparalleled visibility and significant cost savings in an affordable, integrated platform that is guaranteed secure.
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