Cambridge, MA, March 27, 2019 – MineralTree, a market-leading Accounts Payable and Payment Automation solution provider, today announced it closed a $50 million growth equity investment led by Great Hill Partners, a leading Boston-based private equity firm, with participation from existing investors .406 Ventures and Eight Roads Ventures. The funding will enable the company to accelerate its growth and expand its opportunity in AP Automation for middle-market businesses.
“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,” said Matt Vettel, a managing partner at Great Hill Partners. “We see increasing demand for AP Automation as more middle-market businesses recognize the critical importance of automating and optimizing their financial processes.”
The company plans to build on the significant momentum it achieved in 2018, which included 80% revenue growth, expansion of its partner network to 28 leading financial institutions, payment processing volume that topped $5 billion—and organizational growth that doubled the size of the company.
“We invested in MineralTree in its early days because we saw strong potential for significant growth,” said Maria Cirino, co-founder and managing partner at .406 Ventures. “It’s exciting to see the company flourishing today, and building momentum for continued growth and success as the market rapidly expands.”
MineralTree offers its flagship Invoice-to-Pay solution via its expanding partner network, as well as directly to middle-market businesses. In 2019, MineralTree will add new capabilities to Invoice-to-Pay, enhancing the user experience, and expanding integrations with new accounting systems. Thousands of growing businesses in all key vertical markets already rely on Invoice-to-Pay to increase AP efficiency, reduce processing costs, improve control over cash flow, mitigate fraud risk, and strengthen accounting controls. Expected new enhancements will let more businesses transform, automate, and improve the entire Accounts Payable process—from invoice capture to payment execution.
“Our partnership with Great Hill Partners represents an important milestone in our journey,” said BC Krishna, founder and CEO of MineralTree. “We are incredibly fortunate to have investors that share our vision—and provide us with resources necessary to achieve the growth and scale that the market opportunity demands. The entire MineralTree team is excited about all that lies ahead.”