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MineralTree in $6.3m round led by Fidelity India

  • Alvina Yuen
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Fidelity Growth Partners India has led a $6.3 financing round for Boston-based MineralTree, which provides cloud-based secure payments services for small- and medium-sized enterprises (SMEs). Existing investor .406 Ventures also participated.

MineralTree's payment-plus-cash-management solution is intended to meets the needs of companies with annual revenues of $500,000 to $50 million. The funding will be used to enhance the company's service platform and, accelerate partnerships with banks and improve distribution to customers.

As part of the transaction, Shyam Kamadolli, director at Fidelity Growth Partners India, joins MineralTree's board of directors.

"MineralTree offers tremendous value to small and medium businesses and the banks that serve them," Kamadolli said in a statement. "In the US, and around the world, B2B (business-to-business) payments are still maturing, with SMEs representing a large, well-recognized and underserved opportunity"

Fidelity Growth Partners India closed its venture capital fund - Fidelity India Ventures - at $250 million in July 2008 and has been actively seeking investments. Its target sectors include consumer, finance, TMT, healthcare, hospitality and transportation.

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