MineralTree, an AP and Payments Automation Specialist, Raises $50 Million

MineralTree, a solution provider for accounts payable and payments automation, announced this week that it has received $50 million from three investment firms and that it plans to expand into the middle market.

According to a Boston Business Journal report, Massachusetts-based MineralTree is in the market to serve companies with an annual revenue of $5 million to $500 million, Founder and CEO BC Krishna said.

Its solution involves three steps for automating account payables: working with customers’ accounting systems, providing a workflow for the invoice-to-pay process and ensuring that payments to suppliers are safely executed, Krishna told the Journal.

MineralTree’s investors included Great Hill Partners, .406 Ventures and Eight Roads Ventures.

Spend Matters Founder Jason Busch said investor enthusiasm for AP automation and payables continues to accelerate.

“The entire sector is one large Trojan horse to get to payables/financing and/or broader invoice-to-pay or procure-to-pay enablement — aside from generating value for organizations in its own right,” Busch said.

Earlier this month, the card-based payments provider Fleetcor announced it was acquiring AP automation specialist Nvoicepay, a deal that Spend Matters analyzed for how it affected the broader AP automation market.

Busch noted that Spend Matters ranks providers and covers all of the functional requirements for AP automation as part of its SolutionMap Invoice-to-Pay category.

“And we will continue to expand our coverage of specialized solutions in this area for organizations looking to tailor their requirements to specific needs,” he said.