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Mesh scoops $13m for cardless corporate payments

Mesh scoops $13m for cardless corporate payments

Cardless corporate payments startup Mesh Payments has raised $13 million in a funding round led by TLV Partners.

Meron Capital, R-Squared Ventures, and a consortium of fintech founders and investors led by VC Ryan Gilbert joined the round, the proceeds of which will be used to boost sales and marketing.

Mesh Payments says that SMEs are embracing digital transformation and experiencing increased efficiency and speed, but that when it comes to corporate spend, processes are driven by corporate cards and outdated reimbursement policies, leading to bottlenecks and a lack of visibility and oversight.

Its answer is to embed a cardless payments offering into the day-to-day organisational flow of a company, enabling full control and real-time visibility for corporate finance teams and streamlining payment activities across multiple department processes.

Firms can set policies, limits, automatically manage their receipts and receive real-time reports. Mesh issues highly controlled virtual cards with configuration for both online and offline payments, tapping the growing adoption of mobile wallets.

Oded Zehavi, CEO, Mesh Payments, says: "Since the onset of Covid-19 and the overnight explosion in remote work, there has been exponential growth of financial executives searching for a more effective way to orchestrate their corporate spending.

"Over the last few months, we have seen a 20x spike in our business. Unlike other services which position themselves as a next-gen corporate credit card, we view the challenge as a corporate payment problem and not a corporate card problem."

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