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MineralTree

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MineralTree, Inc
MineralTree Logo.png
Private
IndustrySoftware
Founded 📆2010
Founder 👔
Headquarters 🏙️,
Cambridge, MA
,
United States
Area served 🗺️
Key people
BC Krishna (CEO)
Members
Number of employees
Websitewww.mineraltree.com
address
telephone

MineralTree is a US-based accounts payable and payment automation technology company. The company provides Web-based Accounts Payable (AP) and Payment Automation solutions for finance professionals at growing organizations to optimize AP and payment efficiency. It captures invoices as they arrive, routes them for approval through existing workflows and directly executes payments. The platform integrates in real time with accounting/ERP and banking systems..[1].

History[edit]

The company was founded in 2010 by BC Krishna, who is the current president and the CEO.

In November, 2011 the company received $1.5 in seed funding, raised from .406 Ventures [2].

In June 2012 it was announced that the company raised additional $6.3 millions from Eight Roads Ventures. Shyam Kamadolli, Director at Fidelity Growth Partners, joined MineralTree’s board of directors [3].

In February 2015 MineralTree has received an $11.1 million Series B investment led by First Data [4].

In May 2015 MineralTree has been selected as a winner in the category of Best B2B Technology at the 2015 MITX Awards [5].

In March 2016 MineralTree and City National Bank (CNB) received Bank Director’s Best of FinXTech Award for their joint solution to streamline the invoice-to-pay process for B2B customers [6].

In October 2016 MineralTree announced a collaboration with Visa with a goal of helping corporates pay their suppliers by virtual card [7]

Funding[edit]

The company has received $22.7 million in funding. The most recent funding round took place in February 2015 when in terms of Series B funding MineralTree received $11.1 from Atlanta-based payment technology company First Data[8]. It had also generated $6.94 million in revenue by September, 22 2016 [9]

Products[edit]

The company also provides FlexPay [10] , a payment automation (integrated payables) solution that enables enterprises to optimize their payment process and choose the efficient payment methods.

References[edit]

  1. "MineralTree Raises $11.1M in Series B funding". FinSMEs. February 11, 2015.
  2. Empson, Rip (November 8, 2011). "With Funding In Tow, MineralTree Launches A Disruptive Banking And Payment Solution Aimed At SMBs". TechCrunch.
  3. Empson, Rip (June 27, 2012). "MineralTree Grabs $6.3M To Give SMBs A Secure Alternative To Online Banking". TechCrunch.
  4. Groenfeldt, Tom (February 10, 2015). "First Data And MineralTree - Electronic B2B Payments for Growing Mid-Market Companies". Forbes.
  5. "Mineraltree awarded for best B2B Technology at the 2015 MITX Awards". .406 Ventures. May 18, 2015.
  6. "MineralTree and City National Bank Win Bank Director's Best of FinXTech Award for Outstanding Offering from Fintech Company and Financial Institution". Business Wire. March 8, 2016.
  7. "MineralTree, Visa Push For Cards In Accounts Payable". PYMNTS.com. October 5, 2016.
  8. Harris, David L. (February 11, 2015). "Cambridge-based payment tech startup MineralTree raises $11M". Boston Business Journal.
  9. "MineralTree Company Profiles". PitchBook.com.
  10. "Company Overview of MineralTree, Inc". www.bloomberg.com. September 28, 2017.

External links[edit]


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