Israeli B2B payments company Melio has announced that it has raised $144 million from investors including Accel, Aleph, Bessemer Venture Partners, Coatue Management and General Catalyst. The company, which has kept below the radar, says it raised $16 million in its seed and Series A rounds, $48 million in its Series B round in March 2020 and $80 million in its Series C round last month.
With offices in Tel Aviv and New York, Melio was founded by CEO Matan Bar, CTO Ilan Atias and COO Ziv Paz. Melio helps small businesses digitally manage their supplier payments and reach more small businesses across the US as they shift to digital solutions to help manage the economic effects of Covid-19.
Bar said, "At a time when small businesses need the most flexibility, they have the least. 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."
Melio’s fundraising enables it to accelerate growth and reach more customers. It will also support the company’s plans to provide B2B payment capabilities to third parties, mirroring the development the tech industry has seen with B2C payments. Recently, the company partnered with Intuit Quickbooks, one of the leading fintech platforms for small businesses, to power one of its bill pay solutions.
Published by Globes, Israel business news - en.globes.co.il - on September 8, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020