Payments automation company MineralTree announced Thursday it closed on a $50 million Series D round led by existing investors Great Hill Partners, .406 Ventures and Eight Roads Ventures.
Founded in 2010, MineralTree aims to disrupt an industry that is ripe for change. According to the company, every year $27 trillion is being spent on B2B payments in North America, and an estimated $510 billion goes toward direct and indirect manual accounts payable costs. MineralTree claims it can save companies as much as 80 percent of these costs by automating the accounts payable process, allowing it to function well even when staff is fully remote.
This has made a platform like MineralTree especially useful in the midst of the pandemic, when an unprecedented number of offices are functioning with a fully remote staff. Consequently, the company says it has seen an increase in demand over the last several months and expects the trend to continue.
In addition to the new financing, MineralTree also announced it has acquired two other companies in the accounts payable automation space: Redwood City-based Inspyrus and Atlanta-based Regal Software. These new deals will provide MineralTree with new features like AI-enabled predictive coding and real-time invoice capture, as well as new abilities to integrate with both bank and business financial systems.
“Mid-market companies of all sizes continue to show strong interest in automating their AP and payments process, but as a market segment have been overlooked and underserved,” CEO Micah Remley said in a statement. “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.”
Meanwhile, MineralTree is also hiring, listing a handful of open positions at its Cambridge headquarters.
