Melio, an Israeli fintech startup, has raised more than $110 million in funding for its U.S. small business digital payment platform. The latest funding round, which was led by a NY-based hedge fund, raises the valuation of the fintech to over $1.3 billion.
Melio, Digital Payment Fintech Making Payments Easier for Small Businesses
Israeli fintech startup Melio is now valued at approximately $1.335 billion thanks to a successful fundraising round. The fintech startup, founded in 2018, provides digital payment platforms – including accounts payable services – to small and medium-sized U.S. businesses.
Melio allows companies to simplify their payments and paperwork process by letting them pay vendors with credit or debit cards. The platform manually adds vendors and will enable businesses to schedule payments. The service, which offers QuickBooks integration, is free – but charges a 2.9% fee for credit card payments.
“Getting better control over cash flow and the ability to manage payments remotely, especially in a socially distant world, are key elements of a business’ health, and that process shouldn’t be complicated,” Matan Bar, Melio CEO, said in a statement.
“Going Digital Is the Only Way for Small Businesses to Compete”
NY-based hedge fund Coatue headed the latest round of funding for Melio. Previous funding rounds have featured notable names, including American Express Ventures, Salesforce, and more.
Speaking in the release that accompanied news of the funding, Michael Gilroy, General Partner at Coatue, praised the leadership and foresight of Melio. “Melio has identified both the opportunity and duty to help small businesses manage their finance remotely and improve cash flow, in normal times as well as during this crisis, as physical payments supply chains are interrupted and overwhelmed,” he said. “Going digital is the only way small businesses can compete against larger rivals and stay ahead of the curve.”
Featured photo by Matthew Henry / Burst
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