Accounts payable technology provider MineralTree and corporate spend management firm Procurify are teaming up to integrate their solutions and streamline the broader procure-to-pay process for joint business customers.
In a press release Tuesday (April 16), the companies said their collaboration will help corporate financial professionals address the inefficiencies of both the procurement and invoice payment processes with a single solution. MineralTree Chief Operating Officer Micah Remley explained that the company will integrate Procurify's spend management solution for users "to revolutionize two inherently inefficient processes: procurement and invoice payments."
"Better, smarter spending is at the heart of both our businesses," added Procurify Co-Founder and CEO Aman Mann in another statement. "Partnering with MineralTree lets us extend our reach to include invoice payments. Now we can deliver a complete, seamless experience to our customers that starts with proactive spend management and ends with efficient, automated payments, all with the high degree of control and maximum ease-of-use that growing businesses need."
Last month MineralTree announced a $50 million growth equity round raised from Great Hill Partners, with participation by .406 Ventures and Eight Roads Ventures. At the time, MineralTree said it planned to use the investment to fuel further growth.
The company also previously revealed a collaboration with Mastercard in another effort to link clients to spend management capabilities. That deal sees Mastercard's In Control solution integrated into MineralTree's AP offering, enabling the use of virtual commercial cards in the accounts payable process and the ability for professionals to manage, approve and execute payments. The businesses offer their joint solution to financial institutions to be able to provide to their own corporate customers.
Procurify Co-Founder and Chief Customer Officer Kenneth Loi spoke with PYMNTS earlier this month about the challenge of spend management, pointing to recent revelations that Facebook and Google were among the scammed businesses that paid fraudulent invoices as a result of a lack of payment oversight.