MineralTree funding round attracts US$50m
MineralTree has raised US$50m in a funding round led by Great Hill Partners and joined by existing investors .406 Ventures and Eight Roads Ventures. The company offers its Invoice-to-Pay tool via a partner network, as well as directly to middle-market businesses.
MineralTree’s revenue grew by 80% last year. Invoice-to-Pay is an accounts payable tool that is designed to help corporates reduce processing costs, improve control over cash flow, mitigate fraud risk, and strengthen accounting controls.
Following the funding round, the company says it plans to add new capabilities to enhance the user experience, as well as expanding integrations with accounting systems.