Mesh Payments, a startup that is transforming the way corporate payments are processed, paid and managed, announced that it has raised a $13 million financing round, led by TLV Partners, with participation from Meron Capital, R-Squared Ventures, an angel fund founded by industry pioneers Roy Rubin and Roy Erez, and a consortium of fintech founders and investors led by fintech VC Ryan Gilbert. The funding will be used to expand the company’s sales and marketing efforts, as well as accelerate the establishment of strategic partnerships with leading management platforms to seamlessly integrate with companies’ corporate financial workflows. The funding round follows a notable year in which Mesh grew rapidly, increasing x20 in paying customers.
Today, small and medium enterprises (SMEs) are faced with an unprecedented challenge. On one hand, companies are embracing digital transformation and experiencing increased efficiency and speed, whereby critical decision processes are often made in seconds based on real-time data. And yet, when it comes to corporate spend, processes are driven by corporate cards and outdated reimbursement policies, too often leading to bottlenecks, lack of visibility and oversight, and worse yet, creating a dependency that can negatively impact companies and cause significant organizational downtime if cards are lost, exploited or simply expire. In addition, with the growth of the migration to SaaS and cloud services, SMEs are using an average of 40+ SaaS tools a year to manage their business, many of which are mission-critical, making unexpected downtime particularly detrimental.
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