US-based Melio, a B2B payments platform provider for small businesses, has raised $250 million, tripling its valuation to $4 billion since January 2021.
Melio has raised $506 million to date
The company says the capital will accelerate its expansion through partnerships with financial institutions, software providers, and marketplaces.
The latest Series D round was co-led by new investor Thrive Capital and existing investor General Catalyst. US investment firm Tiger Global also participated in the round, along with existing investors Accel, Bessemer, Coatue, Corner Ventures, and Latitude.
It follows a Series C round in January that raised $110 million.
Melio has also announced that General Catalyst’s chairman and MD Ken Chenault, former chairman and CEO of American Express, will join its board as an observer.
Melio says it has seen a 5000% increase in payment processing on its accounts payable/receivable platform in the last 18 months.
Its platform allows small businesses to transfer and receive payments, helping with cash flow needs and reducing or eliminating late payment costs.
Its strategy includes integrating with financial service and Software-as-a-Service (SaaS) companies to enable accounts payable and receivable capabilities for their customers by embedding its technology into their products.
The company has partnered with Capital One and Intuit’s QuickBooks in recent times.
Melio CEO and co-founder Matan Bar says: “2021 has been a year of rapid growth for Melio. We found ourselves in a fortunate position to support small businesses more than ever before, helping them digitise their vendor payment operations, saving them valuable time and maximising their cash flow.”
Melio was founded in 2018, with headquarters in New York, an R&D centre in Tel Aviv, and a western US headquarters in Colorado. The company has raised $506 million to date.
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