Mesh Payments Announces $60 Million in New Funding to Accelerate Automation and Control for Finance Teams

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Sep 07, 2022, 10:00 ET

New backing follows a surge in customer demand and triple revenue growth for 1H 2022

1,000+ companies and close to $1B annualized payment volume (TPV) flow through the Mesh platform

NEW YORK, Sept. 7, 2022 /PRNewswire/ -- Mesh Payments, the insight-driven finance automation platform, today announced $60 million in new financing, bringing the total amount raised to $123 million. Alpha Wave leads the equity round with participation from existing investors, including Tiger Global, TLV Partners, Entreé Capital, and Meron Capital. The funding will enable Mesh to expand its GTM efforts and further accelerate product innovation as it captures a growing share of the $100T+ B2B payments market.

Mesh brings efficiencies and innovation to the entire CFO tech stack so companies can operate more nimbly against changing market conditions. The 1,000 mid-market companies using Mesh today are 5X more efficient, in aggregate, saving their finance teams, on average, three days a month. Mesh powers some of the world's fastest-growing brands, including Monday.com, Hippo Insurance, Sezzle, Riskified, and Snyk.

Amidst a surge in customer demand and a dramatic shift from companies hyper-focusing on growth to cutting spend and costs, Mesh continues to enhance its platform to help finance teams automate, control, and optimize their corporate spend — from travel and expense (T&E) to SaaS subscriptions. Powerful integrations, including the category's most robust integration with NetSuite, bring additional efficiencies and reduce time spent on manual data entry and work.

"Since day one, Mesh has focused on giving CFOs the automation and insights they need to more effectively manage their day-to-day operations," said Oded Zehavi, co-founder & CEO, Mesh Payments. "And as companies operationalize distributed and remote workforce models, holistic visibility over company spend is even more critical. The confidence in Mesh from investors and customers, even in a turbulent market, reinforces that our finance automation platform is what companies want to help them navigate a cost-cutting environment.

"The best CFOs are looking to get the most out of every dollar and hour, particularly during times of economic turbulence. With its strategic partnerships and best-in-class finance automation platform, Mesh Payment delivers exceptional value to its customers," said Rick Gerson, co-founder chairman, and chief investment officer, Alpha Wave Global. "Mesh Payments represents the type of innovative, customer-focused company that we look for, that gives customers a clear and lasting benefit. The number of companies that are open to finding new and better ways to spend less and save more is pretty large and the Mesh team brings a best-in-class solution that is continually improving."

Mesh makes legacy corporate cards obsolete with its insight-driven automation platform that gives finance managers more granular control and leverage over their corporate spend. A focus on contextual payment models — including SaaS subscription management and other models to innovations including the industry's only numberless VISA physical card that syncs with virtual cards for added flexibility and control — are key differentiators that appeal to busy finance teams. Mesh continues to disrupt the CFO tech stack by bringing innovation and automation to every corner of finance operations to free up finance teams to focus on better managing day-to-day financial operations

Earlier this year, Mesh announced a strategic partnership with global payroll provider Papaya Global to remove friction from employee expense management. Mesh is set to announce additional strategic partnerships with global payments infrastructure providers in the near future.

For more information, visit www.meshpayments.com or follow on LinkedIn.

SOURCE Mesh Payments