The additional funding brings the total amount that was raised to USD 123 million, with Alpha Wave being the equity leader amongst existing investors. Capturing a growing share of the B2B payments market (with an estimated value of USD 100 trillion, according to the company’s press release), Mesh’s newest financing follows a growth in customer demand and revenue, the latter having tripled in the first half of 2022.
The Mesh platform counts Hippo Insurance, Monday.com, Sezzle as some of its major clients. The shift of interest from growth to cutting expenditure that companies have been showing has conditioned Mesh to keep on enhancing their platform and help finance teams’ automatisation, control and optimisation of expenses. These include, but are not limited to, travel and expense (T&E), as well as SaaS subscriptions. The optimisation of the platform is brought forward by integrations such as the one with NetSuite and is believed to bring efficiency by reducing the amount of time spent on manual data entry and work.
Officials from Mesh Payments have stated in their press release that their focus is to give CFOs the automation and insights needed for managing their finances through means of contextual payment models. These are thought to be key differentiators for the finance teams and include SaaS subscription management and a numberless VISA physical card (Plug & Pay card) that can sync up with virtual cards for additional flexibility and control.
The Plug and Pay Visa Business card, launched in March 2022, is a collaboration between Mesh and Visa. It gives customers the opportunity to link a numberless Visa card with a Mesh virtual card, the former helping to reduce security risks due to it being numberless and not as accessible by fraudsters.
Finance managers have the option of linking a new virtual card to the physical one, should it be compromised, and they also have full control of the physical card, from disabling it, to changing the pin information or even swapping the virtual card remotely, from the Mesh platform.
Another USD 50 million Series B funding, led by Tiger Global, was received in December 2021, aimed to help with the expansion of the US operations and the delivery of products focused on the transformation of the management of payments by finance professionals. The corporate payments platform is a means through which the entire payment process can be handled, companies having full control over their expenses, as they can customise tools to trace their payments and keep track of overall spending.
Before the USD 50 million funding received in December 2021, Mesh Payments had introduced the SaaS payment management in October 2021, with the goal of being provided with insights into ways of optimising corporate spend. Some of the features the SaaS Payment Management has are automatic understanding on what a SaaS platform is and its usage, subscription optimisation through means of AI, full payment control and visibility, as well as accounting system integration.
The SaaS Payment Management capabilities are available to all of Mesh’s customers, with no maximum number of users or additional cost.
For more information on Mesh Payments, please check out their detailed profile in our dedicated Company database.
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