MineralTree Secures $1.5M in Series 1
MineralTree secured $1.5 million in Series 1 financing led by .406 Ventures. The investment round funded development of the company's cloud-based payments solution.
BOSTON, MA, MineralTree, Inc., has formally launched from stealth mode and plans to release its first product, a cloud-based banking and payment solution specifically designed for small and medium businesses (SMBs), at the Small Business Banking Conference on November 10, 2011 in Scottsdale, Arizona.
In February 2011, MineralTree secured $1.5 million in Series 1 financing led by .406 Ventures. The investment round funded development of the company's cloud-based payments solution, which enables SMBs and their banks to minimize the widespread inefficiencies and rapidly growing risks in the SMB sector. The funding also fueled MineralTree's initial employee, partner and customer acquisitions.
"MineralTree addresses one of the biggest risks a small business faces today-losing cash to organized cyber criminals who are hijacking their electronic payments streams," said Maria Cirino, partner, .406 Ventures. "Every day new reports surface about small businesses whose payments have been diverted by hackers. Banks are looking for a secure payments platform to protect their small business customers and MineralTree offers an easy to use solution that provides state-of-the-art security while not requiring SMBs to change their payment processes. We believe the market potential, combined with the leadership team's vast startup experience and deep expertise in the banking, payments, security, enterprise software, and history of successful entrepreneurship, will enable MineralTree to rapidly capture and sustain a leadership position in this exciting new market."
Launching November 10 at the American Banker Small Business Banking Conference in Scottsdale, AZ, MineralTree addresses a series of security and efficiency challenges faced by more than 2.5 million SMBs in the U.S. MineralTree is partnering with the world's top commercial banks, which are incorporating the private label MineralTree solution into their small business service suites in order to better protect and serve their customers while creating new revenue streams.
"For millions of SMBs in the U.S., payments and cash management are ad hoc, paper-based, manual processes hampered by poor security and inadequate controls," said BC Krishna, President and CEO, MineralTree. "Our initial funding round has enabled us to create a secure payments solution that delivers advanced protection and greater automation to this large and underserved market."
MineralTree is a venture-backed software company based in Boston, Massachusetts. The company's leadership team has a long track record of creating innovative new technology-based solutions to long-standing problems in banking and financial services. Its experience is both wide and deep-from a strategic underĀ-standing of what drives value in small busiĀ-ness banking to the everyday tactical issues covering payments and fraud.
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