Fidelity Growth Partners backed cloud-based payments solutions provider MineralTree Inc.has secured $11.1 million in series B funding round from payment technology solutions provider First Data.
As per a VCCircle report, the new funding will be used to accelerate product development and further expand its direct sales organisation targeting growing companies and financial accounting outsourcing (FAO) organisations. Post Investment, executive vice president and head of financial services at First Data, Andrew Gelb, will be joining the board of of the company.
Including this round, the firm has received a total capital of $22.7 million. Previously, it had raised $6.3 million from Fidelity Growth Partner India and $1.5 million in seed funding from .406 Ventures. Both companies have entered into a strategic partnership that will accelerates MineralTree’s ability to modernise accounts payable and streamline automated payments.
MineralTree was started by BC Krishna, it is a web-based solution that integrates in real time with accounting/ERP and banking systems. Also, the company captures invoices as they arrive, routes them for approval through existing workflows and directly executes payments.