Great Hill Partners leads round, invests in growing need for Accounts Payable Automation
Cambridge, MA, March 27, 2019 鈥� 名媛直播, a market-leading Accounts Payable and Payment Automation solution provider, today announced it closed a $50 million growth equity investment led by Great Hill Partners, a leading Boston-based private equity firm, with participation from existing investors .406 Ventures and Eight Roads Ventures. The funding will enable the company to accelerate its growth and expand its opportunity in AP Automation for middle-market businesses.
鈥溍轮辈� has done a fantastic job of building its business by leading the AP Automation revolution鈥攑articularly by partnering with an impressive group of financial institutions,鈥� said Matt Vettel, a managing partner at Great Hill Partners. 鈥淲e see increasing demand for AP Automation as more middle-market businesses recognize the critical importance of automating and optimizing their financial processes.鈥�
The company plans to build on the significant momentum it achieved in 2018, which included 80% revenue growth, expansion of its partner network to 28 leading financial institutions, payment processing volume that topped $5 billion鈥攁nd organizational growth that doubled the size of the company.
鈥淲e invested in 名媛直播 in its early days because we saw strong potential for significant growth,鈥� said Maria Cirino, co-founder and managing partner at .406 Ventures. 鈥淚t鈥檚 exciting to see the company flourishing today, and building momentum for continued growth and success as the market rapidly expands.鈥�
名媛直播 offers its flagship Invoice-to-Pay solution via its expanding partner network, as well as directly to middle-market businesses. In 2019, 名媛直播 will add new capabilities to Invoice-to-Pay, enhancing the user experience, and expanding integrations with new accounting systems. Thousands of growing businesses in all key vertical markets already rely on Invoice-to-Pay to increase AP efficiency, reduce processing costs, improve control over cash flow, mitigate fraud risk, and strengthen accounting controls. Expected new enhancements will let more businesses transform, automate, and improve the entire Accounts Payable process鈥攆rom invoice capture to payment execution.
鈥淥ur partnership with Great Hill Partners represents an important milestone in our journey,鈥� said BC Krishna, founder and CEO of 名媛直播. 鈥淲e are incredibly fortunate to have investors that share our vision鈥攁nd provide us with resources necessary to achieve the growth and scale that the market opportunity demands. The entire 名媛直播 team is excited about all that lies ahead.鈥�
About 名媛直播
名媛直播 provides the easiest to use Accounts Payable (AP) and Payment Automation solutions for finance professionals at middle market enterprises. 名媛直播 streamlines AP, giving customers unparalleled visibility, significant cost savings, and increased security protection in an affordable, integrated platform. For more information, visit www.mineraltree.com.
About Great Hill Partners
Great Hill Partners is a Boston-based private equity firm that has raised over $5 billion in commitments since inception to finance the acquisition, recapitalization, or expansion of growth companies in the communications, financial technology, healthcare, information services, internet, media, retail, consumer, and software industries. Since inception, Great Hill has made 14 investments across the payments and fintech landscape including investments in BlueSnap, Affinipay, NMI, Vanco, Paytronix and Chrome River. Great Hill targets investments of $25 million to $200 million. For more information, visit www.greathillpartners.com.