MineralTree, a Cambridge, Massachusetts-based accounts payable (AP) and payments automation software solution provider, as per recent reports, has closed a $50m growth equity investment deal. The investment funding round was led by Great Hill Partners, a Boston, Massachusetts-based private equity firm that finances business expansion, re-capitalization, and acquisition of middle-market players. The round was participated by existing investors, .406 Ventures and Eight Roads Ventures.
Last year, in 2018, the Cambridge-based MineralTree witnessed a significant growth in revenue – achieving 80% revenue growth & the company doubling in size. Following that proven winning streak, MineralTree this year plans to add new capabilities to its flagship Invoice-to-Pay solution and work on integration expansion, making the solution seamlessly integrate with various accounting systems available in the accounting market space.
MineralTree’s flagship Invoice-to-Pay solution features increased accounts payable efficiency, reduced processing costs, improved cash flow control, and stronger fraud risk mitigation and accounting controls.
Speaking on this context, Mark Vettel, a managing partner at Great Hill Partners, says: “We see increasing demand for AP automation as more middle-market businesses recognize the critical importance of automating and optimizing their financial processes.”
MineralTree, with its Invoice-to-Pay solution offering via the partnered network, has seen expansion to 28 financial institutions over the past year, furthermore, the solution has garnered much presence in middle-market businesses. In 2018, MineralTree’s payment processing volume topped $5 billion.