US-based MineralTree has secured $50m in a growth equity financing to support its expansion in accounts payable (AP) automation market for middle-market businesses.

The investment was led by private equity firm Great Hill Partners. It was also joined by its existing investors .406 Ventures and Eight Roads Ventures.

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Great Hill Partners managing partner Matt Vettel said: “We see increasing demand for AP Automation as more middle-market businesses recognize the critical importance of automating and optimizing their financial processes.”

MineralTree said that it plans to build on the 80% revenue growth it registered last year.

During the year, the company also expanded its partner network to 28 financial institutions. In addition, it had a more than $5bn payment processing volume and doubled its size.

The company offers accounts payable and payment automation solutions for finance professionals.

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Its end-to-end AP automation solution Invoice-to-Pay is designed to automate invoice and payment processing.

MineralTree plans to add new capabilities to this solution. By doing this it hopes to improve user experience and integrate with more accounting systems.

The service is available through the company’s partner network and also directly to middle-market businesses. It will enhance AP efficiency, cut processing costs, enable better control over cash flow, reduce fraud risk and improve accounting controls.

In addition, the new capabilities are expected to enable more businesses transform, automate and improve the complete AP process.

The company partnered with Visa and American Express in 2016 and 2017, respectively, to grow its accounts payable (AP) business.