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Tiger Global-backed Mesh Payments raised $60 million in a bid to help companies make better decisions around travel, HR, and other spending

Oded Zehavi Mesh Payments
Oded Zehavi, Mesh Payments' founder and CEO. Mesh Payments

  • Mesh Payments raised $60 million from Alpha Wave, Tiger Global, TLV Partners, and Entreé Capital.
  • It plans to use the funding to develop automated monitoring and data for corporate spending.
  • The company also plans to add more "complicated spending" categories.

Mesh Payments, one of the few companies Tiger Global has funded this year, has big plans for the next year.

The fintech dealing with corporate payments and issuing corporate virtual cards raised $60 million in September from Tiger Global and other investors. The company works with mainly mid-market businesses with 50 to 2,000 employees across the globe to help provide insight into their corporate spending.

Mesh Payments' founder and CEO, Oded Zehavi, said the company was focusing on refining its products and developing new ones.

"The biggest risk for a company like Mesh is that there are so many things in the office of the CFO, and one might be tempted to try and do too many things and solve too many pain points," Zehavi said.

He added that the company planned to focus on helping companies control new spending categories. He said Mesh already provided spending management and monitoring for SaaS payments, business travel, and reimbursements. Next year, the company plans to launch features for more complicated expenses such as HR and media spending.

Alpha Wave led its $60 million Series C funding round in September, along with Tiger Global, TLV Partners, Entreé Capital, and Meron Capital. Zehavi said that Alpha Wave approached the startup to consider another funding round and that Tiger, which also invested in Mesh Payment's Series B round, enthusiastically sought join the round.

Tiger Global, which has been hit hard by the tech sell-off this year, invested in 10 fintech companies in the third quarter of 2022, compared with the 24 it funded in the same quarter last year, based on CB Insights data.

With the new funding, Mesh wants to build more automation into its platform so finance teams can look at spending patterns in real time.

"One of the things you will see in 2023 is a lot of innovation around different spending models," Zehavi said. "We're building a lot of technology around connecting automation with insights so customers make better spending decisions."

Customers include Monday.com, Hippo Insurance, Sezzle, Riskified, and Snyk.

As the economy tightens and venture funding slows, many companies want to cut spending in the coming year. Zehavi said this would provide Mesh with more opportunities to expand its customer base.

He added that while Mesh played in the potentially huge market of fintech and corporate payments, the company would be "very conservative in our willingness to grow."

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