bankingciooutlook

Melio Closes $144M in Funding

By: Banking CIO Outlook | Friday, October 23, 2020

Investors who have led the fundraising rounds included Accel, Coatue Management, Aleph, Bessemer Venture Partners, and General Catalyst, with active participation from LocalGlobe, Corner Ventures, and American Express Ventures.

FREMONT, CA: Melio, an NYC-based provider of digital payments tools for small businesses to manage their supplier payments, has secured $144m in funding to date.

In details, the company closed $80m in Series C in August 2020, on top of the $48m raised in Series B in March 2020 and the $16m in Seed and Series A, which brings the total fundraising to $144m.

Investors who have led the fundraising rounds included Accel, Coatue Management, Aleph, Bessemer Venture Partners, and General Catalyst, with active participation from LocalGlobe, Corner Ventures, and American Express Ventures.

Launched in May 2019 and established by CEO Matan Bar, CTO Ilan Atias, and COO Ziv Paz, Melio is a B2B payments company empowering small businesses to digitally manage their supplier payments, taking control of their cash flow and managing their finances remotely as well as serving as a payments platform. It enables businesses to pay their bills for free using a bank transfer or debit cards at melio.com. Businesses can also utilize a credit card for a minimal 2.9 percent tax-deductible fee, even if suppliers do not accept cards

Recently, the company partnered with Intuit Quickbooks to improve one of its bill pay solutions.

"At a time when small businesses need the most flexibility, they have the least," said Matan Bar, Melio Co-Founder and CEO, who previously led Consumer P2P Payments at PayPal. "Our mission is to keep small businesses in business. We do this by allowing small businesses to manage payments remotely; paying when and how they want, giving them more control and helping businesses manage cash flow. Business payments shouldn't be more complicated than paying a friend with your phone."

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