US-based payment automation technology provider MineralTree has secured $50m in a series D round featuring Eight Roads Ventures, a venture capital subsidiary of financial services and investment group Fidelity.
Private equity firm Great Hill Partners and VC fund .406 Ventures filled out the round, which came after MineralTree raised $50m in an April 2019 round led by Great Hill Partners that also featured Eight Roads Ventures and .406 Ventures.
MineralTree was founded in 2010 and has developed a software tool that helps users automate accounts payable (AP) and business-to-business (B2B) invoice management. It disclosed the purchases of two AP automation and B2B payables technology developers, Inspyrus and Regal Software, alongside the series D.
The funding and acquisitions will help the company expand its product offering, improve its technology, form strategic alliances and enter the enterprise market.
Eight Roads led an $11.1m series B round for the company in 2015 that included financial services firm First Data and .406 Ventures. It had previously received a total of $7.8m from investors including .406 Ventures and Eight Roads (then Fidelity Growth Partners India) across two rounds.
Micah Remley, CEO of MineralTree, said: “Mid-market companies of all sizes continue to show strong interest in automating their AP and payments processes, but as a market segment have been overlooked and underserved.
“Our vision to revolutionise B2B commerce starts with making the invoice to payment processes simple, speedy and secure for mid-market customers and our bank partners.”
