MineralTree, a provider of accounts payable and payment automation technology, has raised $50 million in financing led by Great Hill Partners, a Boston-based private equity group, according to a company release.  

The round was also funded by .406 Ventures and Eight Roads Ventures.

MineralTree will use the funding to accelerate growth in its accounts payable automation business for middle market companies.

"MineralTree has done a fantastic job of building its business by leading the AP automation revolution — particularly by partnering with an impressive group of financial institutions," Matt Vettel, a managing partner at Great Hill Partners, said in the announcement. "We see increasing demand for AP automation as more middle market businesses recognize the critical importance of automating and optimizing their financial processes."

In 2018, the company entered partnerships with 15 new financial institutions, for a total of 28. Earlier this month, MineralTree said it had moved into new offices in Cambridge, Massachusetts, after almost doubling in size since last winter.