Accounts payable and payments automation software developer MineralTree has scored $50m for its Series D round.
Participation for the round came from Great Hill Partners, .406 Ventures and Eight Road Ventures.
In addition to the close of the round, MineralTree has acquired two companies in the AP automation and B2B payables space, Inspyrus and Regal Software. These acquisitions will help the FinTech to expand its market position.
With the funding and acquisitions under its belt, the FinTech is hoping to expand its product capabilities to reach a bigger portion of the middle market and enterprise market.
The FinTech offers an end-to-end accounts payable automation solution that helps reduce costs by 75% and mitigate fraud and risk. Its services are used within invoice-to-payment workflow, improving vendor relationships and maximising ROI.
MineralTree CEO Micah Remley said, “Mid-market companies of all sizes continue to show strong interest in automating their AP and payments processes, but as a market segment have been overlooked and underserved.
“Our vision to revolutionize B2B commerce starts with making the invoice to payment processes simple, speedy, and secure for mid-market customers and our Bank partners. This new funding, combined with expanded product capabilities and scale that come as a result of acquiring Inspyrus and Regal Software, uniquely positions MineralTree to do just that.”
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