Boston startup MineralTree revealed itself to the world Wednesday, saying it plans to release a cloud-based banking and payment product this month. The second secret it unveiled: It raised $1.5 million of VC in February.
MineralTree said the round was led by .406 Ventures of Boston. The money has funded development of its software, which aims to allow small and medium businesses and their banks to “minimize the widespread inefficiencies and rapidly growing risks in the SMB sector.”
MineralTree’s president and CEO is BC Krishna, who in January left Burlington fraud detection software firm Memento as its CEO. Maria Cirino is the .406 Ventures partner working with the firm, according to a press release.
MineralTree said it would unveil its product on Nov. 10 at the Small Business Banking Conference Scottsdale, Ariz.
kalspach@bizjournals.com