MineralTree, a Cambridge, Mass.-based Accounts Payable and Payment Automation solution provider, closed a $50m growth equity investment.
The round was led by Great Hill Partners, with participation from existing investors .406 Ventures and Eight Roads Ventures.
The company intends to use the funds to accelerate its growth and expand its opportunity in AP Automation for middle-market businesses.
The company plans to build on the significant momentum it achieved in 2018, which included 80% revenue growth, expansion of its partner network to 28 leading financial institutions, payment processing volume that topped $5 billion—and organizational growth that doubled the size of the company.
Led by BC Krishna, founder and CEO, MineralTree offers its flagship Invoice-to-Pay solution via its expanding partner network, as well as directly to middle-market businesses. In 2019, the company will add new capabilities to Invoice-to-Pay, enhancing the user experience, and expanding integrations with new accounting systems. Thousands of growing businesses in all key vertical markets already use its Invoice-to-Pay to increase AP efficiency, reduce processing costs, improve control over cash flow, mitigate fraud risk, and strengthen accounting controls.