Mesh Payments, which works in corporate payment processing, has completed a financing round with $13 million, according to an emailed Tuesday (Feb. 9) press release.
The round was led by TLV Partners with participation from Meron Capital, R-Squared Ventures (an angel fund founded by industry pioneers, Roy Rubin and Roy Erez) and a consortium of FinTech founders and investors led by FinTech venture capitalist Ryan Gilbert, according to the release.
With the new funding, Mesh plans to expand sales and marketing efforts, along with boosting the partnerships with other companies to continue offering integrations with their corporate financial workflows.
According to the release, Mesh works by putting a new cardless payment structure into a business and integrating that into existing systems. That lets companies access new modes of full control, more visibility and more streamlined payment activities for multiple departments like IT, HR and marketing.
With the updates, the release says it’s ensured that software-as-a-service solutions won’t disrupt operations.
Oded Zehavi, CEO and co-founder of Mesh Payments, said the COVID-19 pandemic’s new surge in remote work had caused new growth in financial executives looking for better ways to deal with corporate spending.
“Over the last few months, we have seen a 20x spike in our business. Unlike other services which position themselves as a next-gen corporate credit card, we view the challenge as a corporate payment problem and not a corporate card problem. This has impacted how we built our solution, and we believe that the simplicity and security our solution offers perfectly positions Mesh to continue capturing larger pieces of the corporate payments market.”
Mesh also rolled out a cardless payment option recently, PYMNTS reports, intending to simplify recurring and one-time payments. According to the company, the product offers a full view of spending and helps with orchestration, reconciliation and data. The service can act as a substitute for their current corporate card services.