For MineralTree's CEO, disruption in the accounts payable process is long overdue. Last year, companies spent ~$100b on writing and mailing 11b checks to pay their bills. The current snail-mail process is often too slow to take advantage of early payment discounts from suppliers.
MineralTree, a Boston-area company that focuses on accounts payable for growing and mid-size businesses, has received an $11.1 million Series B investment led by First Data, a company that is no stranger to the world of payments. It is investing in a company which is a leader in business to business payments for growing mid-market companies. To help growing companies optimize accounts payable and payment efficiency, MineralTree captures invoices as they arrive, routes them for approval through existing workflows and directly executes payments.