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.
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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 And yet, when it comes to corporate spend, processes are driven by corporate cards and outdated reimbursement policies, too often leading to bottlenecks, lack of visibility and oversight, and worse yet, creating a dependency that can negatively impact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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Mesh Payments brings corporate payments into the 21st century by embedding a cardless payments solution into the day-to-day organizational flow of a company, integrating into existing organizational systems. Mesh enables full control and real-time visibility for corporate finance teams and streamlines payment activities across multiple department processes (IT, HR, Marketing, etc.) enabling organizations to better manage their corporate payments and ensure that SaaS subscriptions are never the cause of business disruption.
Whether it’s a PO for a vendor, a monthly AWS subscription or employee travel expenses, customers using Mesh can set policies, limits, automatically manage their receipts and receive real-time reports, giving them complete visibility and control over their corporate payments. Mesh issues highly controlled virtual cards with configuration for both online and offline payments, leveraging the growing adoption of mobile wallets (Apple Pay, Google Wallet and more) and enabling resolution of a wide array of corporate payments pains and processes.
“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,” said Oded Zehavi, CEO and Co-Founder of Mesh Payments. “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.”
