Finance automation platform Mesh Payments has received $60m investment in a new funding round to strengthen its go-to-market (GTM) initiatives and develop new products.

Alpha Wave led the round, increasing the overall capital raised by the firm so far to $123m.

A number of current investors, such as Tiger Global, TLV Partners, Entreé Capital, and Meron Capital also took part in the fundraising.

According to Mesh, increase in customer demand and firms increasing their attention to reducing spend and costs are some of the factors that have inspired it to improve its platform.

The improvements are aimed at allowing finance professionals to automate, control, and optimise their corporate expenditure such as travel and expense (T&E), SaaS subscriptions and others.

Mesh integrates with NetSuite to offer additional efficiencies as well as cut time required for manual data entry and work.

The corporate payment start-up also stated that more than 1,000 mid-market firms and nearly $1bn of annualised payment volume (TPV) flow through its platform.

It saw a hike in customer demand and tripled revenue growth in the first half of this year.

Mesh co-founder and CEO Oded Zehavi said: “Since day one, Mesh has focused on giving CFOs the automation and insights they need to more effectively manage their day-to-day operations.

“And as companies operationalise distributed and remote workforce models, holistic visibility over company spend is even more critical.

“The confidence in Mesh from investors and customers, even in a turbulent market, reinforces that our finance automation platform is what companies want to help them navigate a cost-cutting environment.”

In December last year, Mesh raised $50m in a Series B investment round led by Tiger Global.