Fintech startup Mesh Payments has raised the sum of $50 million in a Series B funding round led by Tiger Global. The fintech platform which oversees and manage the expenses of employees for companies and/or employees themselves saw the participation of Entrée Capital, Falcon Edge Capital, TLV Partners and Meron Capital.
Mesh Payments, founded in Israel, has its headquarters in New York. It helps employees and companies track and manage their expenditures. Prior to the just-concluded funding round, the startup raised $13 million in a previous round at an undisclosed valuation. The startup’s new valuation also remains a mystery as the startup failed to disclose it.
Mesh Payments plans to use the funding to scale its business; it will revamp its platform and ensure increased functionality that pushes for more business development. According to the startup, its business has seen a boom in growth over the last nine months and has expanded over ten times.
Travel expenses, spend cards and other forms of spending management, are presently areas that Mesh Payments cover. The startup operates by integrating with different other pieces of software and apps that a company might use to run its business and continually scans that network to determine whether a particular purchase is a useful one, or one that might be overlapping with something that already exists, not to mention not in line with other parts of a company’s specific expenditure policy.
According to Oded Zehavi, co-founder and CEO of Mesh Payments, “we start with the notion that there is different context to different kinds of spend. The process for a trip versus software differs, so we started building models for these unique cases”.
Mesh Payments is able to integrate with platforms such as Slack, Netsuite, G Suite, QuickBooks, Xero, etc., today. In the future, it’ll be able to integrate with more of these. “We are adding more connectors to connect data from organizations’ services on the cloud to be exposed to more company behaviour. The combination of that data and the intelligence that we designed in a more superior way is what sets us apart”, the CEO added.
Speaking about Mesh Payments and its services, John Curtius, a partner at Tiger Global said that “Mesh Payments is an example of a true disruptor — a company whose innovations are transforming an already-established industry. We’re proud to support a business that continues to deliver on its ambitions, and we look forward to helping Mesh modernize the payments space even further”.