MineralTree, an accounts payable (AP) and payment automation solution provider, announced the closing of a $50 million investment funded by Great Hill Partners, .406 Ventures and Eight Roads Ventures.
The firm, which automates payments and accounts payable transactions, saw sales jump by 80% year-over-year in the second quarter, according to CEO Micah Remley.
In this release, we are informed of an additional $50 million in funding for MineralTree, the Cambridge, MA-based payments automation fintech. The company apparently used some of this funding to acquire a couple of other fintech startups, one in a competing role and another in an adjacent space.
MineralTree, an Accounts Payable (AP) and payments automation solution provider, today announced that it has closed a $50 million Series D investment round with participation from existing investors Great Hill Partners, .406 Ventures, and Eight Roads Ventures. In addition, MineralTree has acquired two companies in the AP automation and B2B payables space, Inspyrus and Regal Software, to further expand its market position in providing AP and payment automation to middle market companies.
