Mesh Payments, the US-based fintech that manages corporate, cardless payment processing, raised $13m in its latest funding round. The round included participation from Meron Capital, R-Squared Ventures (an angel fund) Ventures and was led by TLV Partners.
Mesh gives services that increase the efficiency and speed of payments so that important decisions can be made based on real-time data. This cuts out bottlenecks, lack of visibility and oversight. It also eliminates dependency that adversely impacts companies and causes significant organisational downtime if cards are missed, misused or simply expire.
With the growth of SaaS and cloud services, SME’s are using an standard of 40-plus SaaS tools a year to handle their businesses, many of which are mission-critical. This makes unforeseen downtime particularly detrimental.
Mesh also offers a wide range of solutions, including PO’s for vendors, monthly AWS subscriptions and employee travel expenditures. Customers set policies, limits, automatically manage their receipts and receive real-time reports, giving them full visibility and control over their corporate payments. Mesh issues virtual cards with a configuration for both online and offline payments, leveraging the growing acceptance of mobile wallets including Apple Pay, Google Wallet and more.
Oded Zehavi, CEO and Co-Founder of Mesh Payments, explained, “Since the onset of Covid-19 and the overnight explosion in remote work, there has been exponential growth of financial executives searching for a more effective way to orchestrate their corporate spending.”
He continued, “Over the last few months, we have seen a 20x spike in our business. Unlike other services which position themselves as a next-gen corporate credit card, we view the challenge as a corporate payment problem and not a corporate card problem. This has impacted how we built our solution and we believe that the simplicity and security our solution offers perfectly positions Mesh to continue capturing larger pieces of the corporate payments market.”