US accounts payable and payment automation technology provider MineralTree has raised $50 million in a funding round led by Great Hill Partners and joined by existing investors .406 Ventures and Eight Roads Ventures.
MineralTree offers its flagship Invoice-to-Pay tool via a partner network, as well as directly to middle-market businesses.
The firm saw 80% revenue growth last year and claims thousands of growing businesses as users of Invoice-to-Pay, boosting their accounts payable, reducing processing costs, improving control over cash flow, mitigating fraud risk, and strengthening accounting controls.
With the funding in place, the company says it plans to add new capabilities in 2019, enhancing the user experience, and expanding integrations with new accounting systems.
Explaining the investment, Matt Vettel, a managing partner at Great Hill, says: "We see increasing demand for AP Automation as more middle-market businesses recognize the critical importance of automating and optimizing their financial processes."