Corporate payments startup Mesh Payments has secured $60 million in its latest fundraising round, bringing its total to $123 million, the company announced.
With a focus on mid-market businesses, Mesh aims to help businesses automate and provide data on corporate spending, including travel and entertainment. Offerings include a corporate card, software-as-a-service subscription management, and a myriad physical Visa card that can be synced with virtual cards for easier use.
Mesh currently reports around 1,000 midsize businesses as clients, including Monday.com, Hippo Insurance, fintech company Sezzle, fraud management platform Riskified, and developer security platform Snyk. The private company claims that its income tripled in the first half of this year.
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Mesh plans to use the latest funding round to expand commercialization efforts and accelerate product innovation.
“As companies implement distributed and remote workforce models, holistic visibility into company spend is even more critical,” Mesh Payments co-founder and CEO Oded Zehavi says in a statement.
“The trust in Mesh from investors and clients, even in a turbulent market, reinforces that our financial automation platform is what businesses want to help them navigate a cost-cutting environment.”
Global investment firm Alpha Wave led the latest fundraising round, along with Tiger Global, TLV Partners, Entrée Capital and Meron Capital.
*This article first appeared in Business Travel News.