MineralTree Raises $50M, Buys Two Companies

MineralTree Inc., the Massachusetts-based accounts payable (AP) automation software provider, announced a $50 million Series D investment round and the purchase of two companies Thursday (Sept. 24).

The funding initiative is being led by existing investors Great Hill Partners LP, the Boston-based private equity firm, Eight Roads Ventures, the global venture capital firm based in China and .406 Ventures, the Boston venture capital fund.

In addition, MineralTree acquired Inspyrus, a Silicon Valley FinTech that specializes in AP, and Regal Software, the Atlanta-based provider of B2B disbursement software.

Terms of the deals were not disclosed.

MineralTree said the new cash and acquisitions are expected to bolster its capabilities for customers and bank partners. It will also allow the company to expand partnerships and product capabilities and to provide AP and payment automation to middle-market companies.

These actions come at a time when the demand for AP solutions is rising as businesses focus on work-from-home mandates and rising costs associated with manually processing invoices and B2B payments.

MineralTree said $27 trillion dollars in B2B payments are made in North America annually, while companies spend $510 billion on manual AP costs making those payments. By automating AP, businesses can save as much as 80 percent on associated costs, the company promised.

Founded in 2008, Inspyrus provides AP automation software solution to large mid-market and enterprise customers. It processes more than 15 million invoices, representing $100 billion in AP spending annually in its software platform.

Regal Software, founded in 2008 and headquartered in Atlanta, Georgia, provides ERP (enterprise resource planning) connectors to more than 160 systems. Its RegalPay platform is used by more than 350 corporate customers and partners.

Corporate buyers, MineralTree said, must be able to pay their vendors quickly and with ease, especially during a pandemic that has caused many employees to telecommute, making paper checks and manual processes especially inconvenient.

The September edition of PYMNTS’ CFO Guide To Digitizing B2B Payments explores how corporate buyers are streamlining their B2B transactions with digital payments and supplier onboarding tools.

In addition, the Next-Gen AP Automation Tracker, a PYMNTS and Bottomline Technologies collaboration, highlights the most recent accounts payable developments and automated solutions disrupting how businesses process invoices, track spending and earn rebates on transactions.




The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.