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.
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.