MineralTree, a Cambridge, MA-based provider of an accounts payable (AP) and payment automation solution for growing companies, raised $11.1m in Series B funding.
The round was led by First Data, with participation from existing investors .406 Ventures and Fidelity Growth Partners. 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.
The company, which has raised $22.7m in total funding, will use the funds to accelerate product development and further expand its direct sales organization targeting growing companies and financial accounting outsourcing (FAO) organizations.
Led by BC Krishna, president and CEO, MineralTree provides Web-based Accounts Payable (AP) and Payment Automation solutions for finance professionals at growing organizations to optimize AP and payment efficiency. It captures invoices as they arrive, routes them for approval through existing workflows and directly executes payments. The platform integrates in real time with accounting/ERP and banking systems.