AP automation provider MineralTree closes USD 50 mln growth financing

Friday 29 March 2019 00:46 CET | News

US-based AP automation provider MineralTree has announced closing a USD 50 million growth equity investment led by Great Hill Partners.

The financing was lead, apart from, a leading US-based private equity firm Great Hill Partners, by existing investors .406 Ventures and Eight Roads Ventures. The funding will enable the company to accelerate its growth and expand its opportunity in AP Automation for middle-market businesses.

MineralTree offers its flagship Invoice-to-Pay solution via its expanding partner network, as well as directly to middle-market businesses. In 2019, MineralTree will add new capabilities to Invoice-to-Pay, enhancing the user experience, and expanding integrations with new accounting systems. Expected new enhancements will let more businesses transform, automate, and improve the entire Accounts Payable process—from invoice capture to payment execution.

The company plans to build on the 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 USD 5 billion—and organizational growth that doubled the size of the company.

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Keywords: MineralTree, financing round, Great Hill Partners, US, accounts payable automation, equity investment, AP automation
Countries: World