MESH PAYMENTS FUNDING: RAISES $60M TO EXPAND FINANCE AUTOMATION PLATFORM
Founded in Israel and now with headquarters in New York, Mesh Payments is one of a growing group of startups focused on helping companies manage their spending through automation.
It’s a hot and crowded space that includes the likes of Ramp, Brex and Airbase, and more recently, TripActions and Rho, among others.
For its part, Mesh says it saw its revenue run rate triple in the first half of 2022, since its November 2021 raise. The company today has over 1,000 customers and close to $1 billion in annualized payment volume (TPV) flowing through its platform.
Put simply, Mesh aims to help its clients automate, and get real-time insights into, their spending. Like its competitors above, it also has corporate card offers. But uniquely, according to Mesh co-founder and CEO Oded Zehavi, it also offers a numberless corporate card, which he describes as “the industry’s only numberless VISA physical cards with the flexibility, control, and security of virtual cards.”
Despite the increasing number of competitors, Zehavi believes that the “market opportunity is still large.”
Alpha Wave led Mesh’s latest financing, a Series C which closed earlier this month that included participation from existing backers, including Tiger Global, TLV Partners, Entrée Capital and Meron Capital. Its total raised to date is $123 million.
The executive declined to share Mesh’s new valuation, saying only that it was a “significant up round.”
In his view, the company was “disciplined” when it came to valuation.
When asked about hard revenue figures, the executive pointed to his company’s annual run rate volume of $1 billion, and the fact that it’s generating nearly 2.5% interchange out of it to give a glimpse of “a ballpark number” of where Mesh is at from a revenue perspective.
The company’s sweet spot is the midmarket, with customers such as Monday.com, Hippo Insurance, Sezzle, Riskified, and Snyk, among others.
Today, Mesh has about 150 employees, with its product and R&D functions being led out of Tel Aviv and sales and marketing in the U.S. It boasts a C-suite that is 60% women, including its COO, CFO and CPO.
The company plans to use its new capital mostly toward “doubling down” on its R&D investment, as well as toward its go-to-market strategy.
Mesh claims that its clients are “5x more efficient” and thus their finance teams on average save three days a month by using its offering.
Earlier this year, Mesh partnered with global payroll provider Papaya Global in an effort “to remove friction from employee expense management.” It plans on other, similar partnerships in the future.
About Mesh Payments
Mesh transforms the way finance teams operate with a centralized and automated spend platform. Mesh empowers finance managers with a whole new level of visibility over their entire business spend so they are equipped with all the insights they need to optimize and control their corporate payments.
When was Mesh Payments founded?
Mesh Payments was founded in 2018
Who is the Founder of Mesh Payments?
Oded Zehavi is the co-founder and CEO of Mesh Payments, as well as a board and advisory board member for several international FinTech companies.
Is Mesh Payments Hiring?
Mesh Payments is hiring for multiple positions like Implementation Manager,Assistant controller ,BI & Data Engineer and more, for applying you can check their linkedin page too.
What is the Team Size of Mesh Payments?
As per the popular social media site LinkedIn, Mesh Payments has 148 employees.
Where is the Head Office of Mesh Payments?
Mesh Payments is headquartered in New York
How much is the revenue of Mesh Payments?
Financial management startup Mesh Payments has landed $60 million in new funding, 10 months after its last raise. Founded in Israel and now with headquarters in New York, Mesh Payments is one of a growing group of startups focused on helping companies manage their spend through automation.
MESH PAYMENTS RAISES $60M TO EXPAND FINANCE AUTOMATION PLATFORM. Congratulations to the entire team. I wish you great success in this endeavour.Shishir Gupta, Founder and CEO, StartupLanes
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