Five-year-old payment automation company MineralTree has raised $11m in a Series B funding round led by First Data, in order to fast-track its product development and sales operation.
The round involved the participation of existing investors Fidelity Partners and 406 Ventures, and brought the company’s total funding to $22.7m. It also saw First Data’s Andrew Gelb join the company’s board of directors.
MineralTree aims to speed up company accounting tasks by capturing invoices as they arrive, allocating them to existing workflows for approval and automating payments. It claims to improve cash flow visibility and cut out time-consuming tasks like chasing approvals, printing out tasks and sending out physical envelopes.
President and CEO BC Krishna says that the system delivers “tremendous efficiencies to the antiquated status quo” of account payable by eliminating manual processes.
Commenting on the new addition to the board of directors, he pointed to First Data’s extensive banking and financial services network, adding: “First Data brings much more than capital to our relationship,”
Earlier this month, First Data became one of the first companies in the world to be granted Controller BCR status, meaning that it meets the EU’s stringent security requirements for moving customer data across international borders.
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