“Arriving at one goal is the starting point to another.” – John Dewey
Milestones are vital to business success. Not only do they keep things growing, but it means you’ve achieved a goal and are doing something right.
It’s no secret that MineralTree has been making waves in the industry, commanding an enviable position in the rapidly growing AP Automation and payments space. As we look forward to leading more disruption in the coming years, we wanted to take some time to highlight a few of the recent milestones we are proud of reaching as a company.
#1. Rapid Growth Across the Board in 2018
After growing revenue by 80 percent, invoice processing by 76 percent, and payment volume by 71 percent—exceeding $5 billion in 2018, a figure that continues to grow rapidly in Q1, 2019—it’s safe to say that 2018 proved to be a successful year for MineralTree.
Earlier this month, we expanded our headquarters in Cambridge’s innovative Alewife area. This move was largely in response to our growing customer base and employee headcount. With this new office, our team is given the resources and support it needs to continue our innovation, collaboration, and creativity.
We have also finalized partnerships with all three major card networks in 2018. These partnerships enable MineralTree financial institution reseller partners and business customers drive an ever-increasing volume of B2B payments to virtual cards, while reaping benefits such as improved working capital, reduced risk, and rewards and cash back. More than 25 leading financial institutions already partner with MineralTree to offer Invoice-to-Pay, and with 15 new financial institutions added as re-seller partners in 2018, we hope to see this channel continuously grow in 2019 and beyond.
#2. $50 Million in New Funding
On the heels of our headquarters expansion, we announced $50 million of new funding through a Series C round this past week.
The round was led by Great Hill Partners, with participation from our existing investors .406 Ventures and Eight Roads Ventures. The round brings the MineralTree’s total funding to $82 million.
We look forward to continue accelerating our growth and bringing the value of AP Automation to more middle-market businesses, and are continuously striving to get better. With this funding, we will continue to integrate with more accounting systems, enhance the invoice-to-pay process so that we can address more of the nuanced challenges of AP, and also make sure that from a payment standpoint, we continue offering all of the latest and greatest options to our customers.
This Series C funding signifies an important step in our journey, and allows us to lay the groundwork for the years ahead.
#3. Doubling Employee Headcount In One Year
As a team, we have nearly doubled in size since the start of 2018, and now have more than 70 employees in our Cambridge space. We also made two key additions to the MineralTree leadership team in the last six months, with Chris Sands joining MineralTree as CFO and Micah Remley being named COO.
This significant employee growth has not gone unnoticed in the industry and Boston area, as we were recently named one of the Best Places to Work in Boston by Built In Boston, an award based on ranked compensation and employer benefits for startups and tech companies.
As we continue to grow and scale, we are looking for talented individuals across all teams—including sales, customer success, engineering, product and design, marketing, and customer support. To learn more about the opportunity to join our growing team, check out our openings here.
A Haitian proverb states, “Beyond mountains are more mountains.” As a company, we are proud of what we have accomplished so far, but also humbled by the opportunities that are ahead of us.
Moving forward, we plan to continue to seek out opportunities to eliminate inefficiency from back-office finance operations, and liberate finance professionals to add increasing value to their companies. We look forward to rolling out more groundbreaking capabilities in our award-winning product, so stay tuned for the many exciting items on our company roadmap.
Curious to learn more about how MineralTree can work with you? Contact us to learn more!