MineralTree raises USD 6.3 million to accelerate growth

B2B payments via a web browser or iPad application

MineralTree, a cloud based cash management solutions provider for SMBs with annual revenues of USD 500,000 to USD 50 million, has received USD 6.3 million in venture financing (view press release). Led by Fidelity Growth Partners India with full participation from the initial investor, .406 Ventures, the funding will be used to accelerate MineralTree’s partnerships with banks and distribution to their SMB customers. Very small companies use paper checks and online bill pay systems to manage and process payments, whereas large companies rely on complex treasury management systems, leaving around 3 million SMBs stuck in between the two extremes. In answer to this, the MineralTree solution will be offered to SMBs as a private labeled solution by its bank partners, providing B2B payments via a web browser or iPad application. The solution is designed to strengthen a banks relationship with SMBs while driving in extra revenue.

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