Israeli Fintech startup, Mesh Payments, the developer of a solution to replace business credit card transactions with an entirely cardless platform, raises $13 million in a round led by TLV Partners.
Also participated in the round angel fund Meron Capital and R-Squared Ventures, founded by industry pioneers Roy Rubin and Roy Erez, as well as a consortium of fintech founders and investors led by fintech venture capitalist Ryan Gilbert who heads the special acquisition company (SPAC) that recently signed an agreement with Payoneer.
Mesh Payments was founded in 2018 by CEO Oded Zehavi, former manager at PayPal-Israel and former senior executive at Payoneer, and by Eren Katoni, who previously was VP of R&D at Gartner-Israel.
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Currently, there are between 40 to 100 different types of payment tools on the cloud just to run their businesses.
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.
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.
The funding round follows a notable year in which Mesh grew rapidly, increasing x20 in paying customers. “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,” said CEO Oded Zehavi. “This has impacted how we built our solution.”
