Mesh Payments

Mesh Payments (Mesh) offers a range of payment and expense management solutions for businesses to control, automate, and optimize business expenses, including travel, SaaS, and procurement. The company also launched a travel management system targeting global enterprises, in August 2023. Mesh claims its platform improves finance team productivity by more than 30% through task automation, receipt collection, and workflow automation. 

Mesh offers virtual and physical business expense cards (including a numberless Visa physical card that syncs with virtual cards), which can be issued to each employee, with custom controls, monitoring, and rules. Moreover, these cards can be connected to mobile wallets and also provide cashback benefits to end users. 

The company also enables businesses to issue virtual cards to manage business expenses, with global payment capabilities. This mainly supports multinational businesses to hold balances and make payments (including expense reimbursements) in local currencies across Europe, the UK, and Asia. It also enables businesses to include spend limits and vendor locks on payments, as well as suspend SaaS payments immediately. Mesh subsequently launched a payment management system targeted at procurement in July 2023, which connects with ERPs (including SAP Ariba and Oracle NetSuite) to automate the workflow from PO to payment. The solution supports payments in over 200 currencies across more than 140 countries.

Mesh also provides an employee reimbursement solution, which automates the workflows from approvals to payments and also automates selected approvals based on pre-set criteria. 

Mesh aims to offer insights (such as alternatives, SaaS pricing packages, and price consolidation opportunities) across payments and expenses for businesses to optimize their spend. The platform can also be integrated with a range of accounting software (NetSuite, QuickBooks, and Xero), banks (Bank of America and Wells Fargo), HRIS (BambooHR, Workday), and mobile wallets (Apple Pay and Google Pay) to improve workflow automations.

Mesh payments does not charge its enterprise users for the cards issued or payments processed, indicating that it presumably earns through interchange fees. 

Key customers and partnerships

The company primarily targets mid-market enterprises and had over 1,000 mid-market customers as of July 2023. Its customers include Snyk, Hippo Insurance, Monday.com, Sezzle, and Riskified. The company partnered with payroll solutions provider Papaya Global in April 2022 to offer the Mesh platform through Papaya to enable its enterprise customers to improve employee reimbursement processes.  

Funding and financials

The company raised USD 60 million in funding in September 2022, led by Alpha Wave, to invest in expanding go-to-market efforts and in product developments. Meanwhile, Mesh’s business reportedly grew 3x in 1H 2023.