Finance automation platform Mesh Payments has raised $60 million in new funding and will use it to expand its go-to-market (GTM) efforts and continue its product innovation.
The new backing comes after the company tripled its revenue growth in the first half of the year, with 1,000 mid-market companies now using Mesh and close to $1 billion annualized payment volume (TPV) flowing through the platform, according to a Wednesday (Sept. 7) press release.
The company attributed the growth to companies shifting their focus from growth to cost and spend reductions, and looking for solutions that will assist them, per the release.
“The confidence in Mesh from investors and customers, even in a turbulent market, reinforces that our finance automation platform is what companies want to help them navigate a cost-cutting environment,” Mesh Payments Co-Founder and CEO Oded Zehavi said in the release.
The Mesh platform helps finance teams automate, control and optimize their corporate spend. It integrates with NetSuite to reduce the need for manual data entry and enables numberless Visa physical cards that sync with virtual cards to give finance teams more flexibility and control, according to the press release.
“Since day one, Mesh has focused on giving CFOs the automation and insights they need to more effectively manage their day-to-day operations,” Zehavi said in the release. “And as companies operationalize distributed and remote workforce models, holistic visibility over company spend is even more critical.”
PYMNTS research has found that digitizing spend management processes that are currently manual and paper-based can help rein in inefficiencies.
The “Corporate Spend Playbook,” a PYMNTS and Airbase collaboration, found that using computers and algorithms to track claims, invoices and other forms can reduce the risk of human error, address the cumbersome nature of filing manually and provide real-time insight into cash flow status.