MineralTree Enables Banks and businesses to supercharge payments, Raised $7.8 Million

Mineral Tree was founded in 2010 and is based in Cambridge, US. The management team includes BC Krishna (CEO), Bill Price (CFO) and Alex Shayan (VP of Engineering). The company has raised a total funding of $7.8 Mn through investors .406 Ventures and Fidelity growth partners global.

This video gives you an overview of Mineral Tree:

About their platform:

  • The MineralTree solution is layered over existing accounting applications and integrates directly with the bank’s payment systems, with absolutely no change required to either.
  • The MineralTree Accounting Manager Application is a web-based add-on to the businesses' existing accounting system.
  • It is used to manage payables including entering payment information, associate payments with backup documents and to prioritize, recommend and submit payments to the CFO or business owner for approval.
  • The MineralTree CFO Application is used by the CFO or responsible executive to approve and release payments. The MineralTree Bank Operations Application(MarketSphere) is a web-based app used by the bank to manage MineralTree users.

All three apps are linked via the MineralTree Payments Server, which coordinates and manages all payment functions of the system - between customers, the bank and payment service providers such as check issuers. It merges all payment solutions - Check, ACH, Wire, payment cards, and other emerging payment channels such as PayPal, and mobile banking into one channel and provides a one stop solution for all these types of payments. There are related mobile apps as well and can be accessed on platforms like the iPhone.

What the MineralTree Application does for the Banks :

  • Analytics Help Banks Understand, Segment and Reach businesses Customers
  • Identify the size of the businesses payments opportunity
  • Execute highly personalized sales and marketing campaigns

What the MineralTree Application does for the Businesses:

  • Ease of use as it provides a one stop solution for all payments
  • Dramatically increased security—MineralTree’s secure architecture and locked-down system are designed to protect both the businesses and banks
  • Reduced cost and fewer errors through automation
  • Improved cash management and enhanced reporting