MineralTree, an accounts payable and payment automation company, announced Wednesday (March 27) it closed a $50 million growth equity investment fundraising round.
In a press release, MineralTree said the investment round was led by Great Hill Partners, a Boston-based private equity firm. Other investors participating in the round include existing investors .406 Ventures and Eight Roads Ventures. MineralTree said proceeds from the round will be used to fund growth and expand its opportunity in accounts payable (AP) automation for middle-market businesses.
“MineralTree has done a fantastic job of building its business by leading the AP Automation revolution — particularly by partnering with an impressive group of financial institutions,” Matt Vettel, a managing partner at Great Hill Partners, said in the press release. “We see increasing demand for AP Automation as more middle-market businesses recognize the critical importance of automating and optimizing their financial processes.”
MineralTree said it is planning to build on the revenue growth of 80 percent it saw in 2018. During the year it expanded its partner network to 28 financial institutions, posted payment processing volume of more than $5 billion and doubled the size of the company.
MineralTree offers its Invoice-to-Pay service through its partner network and direct to middle market businesses. This year it plans to add new capabilities to Invoice-to-Pay, enhancing the user experience and expanding the integration of it into accounting systems.
“Our partnership with Great Hill Partners represents an important milestone in our journey,” MineralTree Founder and CEO BC Krishna said in the press release. “We are incredibly fortunate to have investors that share our vision — and provide us with resources necessary to achieve the growth and scale that the market opportunity demands. The entire MineralTree team is excited about all that lies ahead.”
Earlier this year MineralTree inked a deal with Mastercard in which the payment company’s commercial card spend management solution In Control was integrated into the accounts payable (AP) automation platform of MineralTree.