MineralTree closes $50m growth equity investment for AP solutions
Accounts payable (AP) and payment automation solution provider MineralTree has closed a $50m growth equity investment, reports Jane Connolly.
The investment was led by private equity firm Great Hill Partners
The investment was led by private equity firm Great Hill Partners, with participation from existing investors, .406 Ventures and Eight Roads Ventures.
MineralTree saw significant success in 2018, with the company doubling in size and achieving 80% revenue growth. This year it will add new capabilities to its flagship Invoice-to-Pay solution and expand integrations with new accounting systems.
The suggested benefits of using Invoice-to-Pay include increased AP efficiency, reduced processing costs, improved cash flow control and stronger fraud risk mitigation and accounting controls.
Mark Vettel, a managing partner at Great Hill Partners, says: “We see increasing demand for AP automation as more middle-market businesses recognise the critical importance of automating and optimising their financial processes.”
MineralTree offers its Invoice-to-Pay solution via its partner network – which expanded last year to 28 financial institutions – as well as directly to middle-market businesses. In 2018 the company saw payment processing volume that topped $5 billion.
