U.S. based MineralTree, an Accounts Payable (AP) and Payment Automation solutions provider has raised a $11.1 Million Series B round, led by one of the largest players in the global payment tech market, First Data.
MineralTree had earlier raised a Series A round, led by angel investment firm Fidelity Growth partners (private equity arm of Fidelity International Limited) , with participation from .406 ventures.
Existing investors participated in this round too, thus bringing MineralTree’s total funding to $22.7 million till date. MineralTree will use the funds to accelerate product development and further expand its direct sales organization targeting growing companies and financial accounting outsourcing (FAO) organizations.
BC Krishna, MineralTree’s president and CEO said,
As a leader in payments and financial services technology – with unprecedented market insight and a network of relationships with banks and financial services organizations – First Data brings much more than capital to our relationship
As part of the investment, executive vice president and head of financial services at First Data, Andrew Gelb, will be joining the Board of Directors at MineralTree. Geib said,
MineralTree has demonstrated a unique ability to modernize and automate the accounts payable environment. We look forward to working closely with this innovative team.
To help growing companies optimize AP and payment efficiency, MineralTree captures invoices as they arrive, routes them for approval through existing workflows and directly executes payments. As a Web-based solution that integrates seamlessly and in real time with accounting/ERP and banking systems, MineralTree provides that much-needed visibility and control of cash flow.
It helps financial professionals at growing companies focus more on strategic tasks instead of chasing down approvals, printing checks, and licking envelopes. In addition, MineralTree does not use settlement accounts, so it improves security by minimizing the movement of cash, while also providing a $100,000 online annual fraud protection guarantee.