B2B Payments

MineralTree Takes A New Route With AP Solution

Accounts payable and B2B payments automation firm MineralTree is taking new paths to spread the seed of its solution.

In an announcement made Monday (March 21), the firm revealed plans to expand its partner program to link the solution to resellers and business process outsourcers, an effort the company said will hopefully make its Invoice-to-Pay product more available for mid-market businesses.

The initiative follows the hiring of financial services partner program manager Colin Toomey, according to reports.

“Midsize companies want and need the functionality of an enterprise procure-to-pay solution but often cannot afford to make this a reality,” the new executive stated. “MineralTree’s solutions fill a huge technology gap, as simple bill pay solutions cannot handle the complexities of multi-entity businesses and approval workflows.”

Last year, MineralTree announced an $11 million funding round led by First Data, a deal that also brought First Data Executive Vice President and Head of Financial Services Andrew Gelb onto MineralTree’s board.

The company said that it had processed more than $1 billion in B2B payments in 2014.

In an interview with PYMNTS last year, MineralTree President and CEO BC Krishna pointed to the needs of businesses today to not only be able to easily pay their business partners but to capture the data from those transactions within their broader accounting and ERP systems.

“This is a market that expects solutions that are easy to get up and running and that are tightly integrated with their financial systems of record — their accounting and ERP systems. Implementations have to be quick; they cannot be even moderately complex IT projects,” the CEO explained.

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