MineralTree provides modern, secure, end-to-end accounts payable (AP) and payments automation solutions that the company says reduce costs by more than 75%, increase visibility and control, and mitigate fraud and risk. More than 2,000 mid-market and mid-enterprise companies and over 25 financial institutions rely on MineralTree to digitize and optimize the invoice-to-payment workflow. In September 2020 the company announced a $50 million Series D and simultaneous acquisitions of Inspyrus and Regal Software to expand product capabilities and scale. Inspyrus (founded in 2008) brings advanced PO matching, AI-enabled predictive coding, and real-time invoice capture and currently processes over 15 million invoices representing more than $100 billion in AP spend annually. Regal Software (founded in 2008 and headquartered in Atlanta, Georgia) provides ERP connectors to more than 160 ERP systems and its RegalPay solution is used by more than 350 corporate customers and partners. The company says the funding and acquisitions will broaden partnerships and integrations, bolster capabilities for existing customers and bank partners, and help MineralTree serve a larger portion of the middle market and move into the enterprise market. MineralTree provides Accounts Payable and Payment Automation solutions for finance professionals at middle-market enterprises. Its flagship Invoice-to-Pay product is offered both directly and through an expanding partner network of financial institutions. The company says thousands of growing businesses in key vertical markets rely on Invoice-to-Pay to increase AP efficiency, reduce processing costs, improve control over cash flow, mitigate fraud risk, and strengthen accounting controls. In 2018 MineralTree reported 80% revenue growth, expanded its partner network to 28 financial institutions, processed over $5 billion in payments, and doubled its headcount. The company plans to add new capabilities to Invoice-to-Pay in 2019 to enhance the user experience and expand integrations with accounting systems. Expected enhancements aim to let more businesses transform and automate the entire Accounts Payable process from invoice capture to payment execution. MineralTree offers a web-based accounts payable and payment automation platform that captures invoices, routes them for approval through existing workflows, and directly executes payments. The solution integrates in real time with accounting/ERP and banking systems to provide visibility and control of cash flow. MineralTree does not use settlement accounts, reducing cash movement and improving security, and it provides a $100,000 online annual fraud protection guarantee. The company positions its product as an affordable, intuitive alternative to manual AP processes and existing market offerings. MineralTree will use new funding to accelerate product development and expand its direct sales organization to target growing companies and financial accounting outsourcing (FAO) organizations. The company has raised a total of $22.7 million to date following the latest round. MineralTree provides a cloud-based banking and payment solution aimed at the 3M+ SMBs with revenues between $500K and $50M, offering security, mobility and visibility into B2B payment workflows. The platform integrates with existing accounting systems such as QuickBooks and exposes web and iPad apps that enable payment approvals and centralized control. MineralTree launched from stealth last year and initially raised $1.5M in seed funding while building partnerships with banks including Silicon Valley Bank. The company funds its operations through those bank partnerships and lets banks choose pricing for the banking and payment apps offered to their SMB customers. MineralTree positions itself as a bank-friendly alternative to merchant/consumer payment services by focusing on business sending and helping banks maintain control over that half of payments. The product is free for SMBs to use, and the startup emphasizes reducing fraud and manual processes that plague small businesses’ payments. The article notes competition from consumer-focused players like PayPal and Square but suggests B2B payments remain a maturing, underserved opportunity. MineralTree offers a cloud-based banking and payments solution tailored to small and medium businesses, with commercial banks integrating its private-label secure payables and cash-management tools into their small-business suites. The company emerged from stealth in 2011 and is headquartered in Boston, Massachusetts. Leadership listed in the article includes BC Krishna, Jules Johnston, Susan Ledoux and Alex Shayan. In February 2011 MineralTree raised a Series 1 round to fund product development and initial hires. The financing also supported early partner and customer acquisitions as the company scaled its solution with bank partners. The product focus is on enabling banks to offer secure payables and cash-management services under their own brands.

Total raised

$119M

Funding rounds

5

Latest round

Series D

Latest activity

Sep 2020