Melio, which helps small businesses digitally manage their supplier payments, has collected $110m in funding, shooting its valuation to $1.3bn.
These funds will enable the company to expand its offering across the US.
Coatue served as the lead investor to the round, which brings Melio’s total equity raised to $240m. Investors to previous rounds include Accel, Aleph, Bessemer Venture Partners, Corner Ventures, General Catalyst and Latitude.
Melio claims its monthly active users grew by more than 2,000% in 2020.
The FinTech offers a single, integrated tool that enables small businesses to transfer and receive payments in a faster and easier manner to improve control on cashflow, reduce and eliminate payment costs and give businesses back valuable time.
Melio CEO and co-founder Matan Bar said, “Getting better control over cash flow and the ability to manage payments remotely –and small business digitization is here to stay– are key elements of a business’ health, and that process shouldn’t be complicated.
“We see this fundraising as a great privilege and responsibility to support small businesses during these challenging times.”
Coatue general partner Michael Gilroy said, “Melio has identified both the opportunity and duty to help small businesses manage their finance remotely & improve cash flow, in normal times as well as during this crisis, as physical payments supply chains are interrupted and overwhelmed. Going digital is the only way small businesses can compete against larger rivals and stay ahead of the curve.”
Copyright © 2021 FinTech Global