MineralTree, an accounts payable and payment automation solution, has pulled in $50m through its growth equity investment round.
The capital injection was led by Boston-based private equity firm Great Hill Partners. Participation also came from previous MineralTree backers including .406 Ventures and Eight Roads Ventures.
With these new funds, the company will look to accelerate its growth and grow its opportunity within the AP automation space.
MineralTree provides middle-market enterprises accounts payable and payment automation solutions. Its flagship tool is the invoice-to-pay solution, an end-to-end AP which automates the entire invoice and payment processing process.
Companies simply scan their invoices and the platform will convert it to a digital document, extract the necessary information and store it where needed. It will route vendor invoices to their specific approvers, eases the review, authorisation and payment scheduling for finance teams and handles the payment of the invoice.
The company’s SilverGuard gives companies online fraud protection of up to $100,000 a year.
Later in the year, MineralTree is looking to enhance its invoice-to-pay solution by improving the user experience and increase integrations with new accounting systems.
The company witnessed strong growth last year, with a revenue growth of 80 per cent, and increasing its partner network to financial institutions.
Great Hill Partners managing partner Matt Vettel said, “MineralTree has done a fantastic job of building its business by leading the AP Automation revolution—particularly by partnering with an impressive group of financial institutions. We see increasing demand for AP Automation as more middle-market businesses recognize the critical importance of automating and optimizing their financial processes.”
Earlier in the year, .406 Ventures led the $10m Series A round of online insurance platform Corvus.
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