US-based cloud payment services provider MineralTree raised $11.1m today in a series B round backed by Fidelity Growth Partners, the venture capital arm of financial services firm Fidelity Investments.
Financial services firm First Data and venture capital firm .406 Ventures were also among the round’s backers.
Fidelity previously led MineralTree’s series A round in 2012, which raised $6.3m and also featured .406 Ventures. In 2011, MineralTree obtained $1.5m in seed funding from .406.
MineralTree has developed a cloud-based service which automates invoices and payments. Its target market is small and medium-sized enterprises with revenues between $500,000 and $50m.
The company will use the series B funding to support product development and increase its direct sales and marketing efforts.