Melio, a New York City-based provider of an accounts payable and receivable platform for small and medium-sized businesses, raised $150 million in Series E funding.
The latest funding round brings the company’s valuation to $2 billion.
Fiserv led the investment round with participation from Shopify Ventures, Capital One Ventures, Accel, Bessemer, Coatue, Frontline Ventures, General Catalyst, Latitude, and Thrive Capital.
According to the official press announcement, Melio intends to use the latest funds to expand its partnerships, a cornerstone of the company’s strategy. By collaborating with financial institutions, SaaS providers, e-commerce platforms, and marketplaces, Melio aims to integrate its solutions into existing systems to simplify payment workflows for SMBs.
Melio simplifies payment management for SMBs by offering an intuitive platform that allows businesses to send and receive payments, streamline cash flow, and improve operational efficiency. Its core offering integrates seamlessly with financial institutions, e-commerce platforms, software-as-a-service (SaaS) providers, and marketplaces, enabling businesses to handle accounts payable and receivable with ease. Additionally, the company provides a standalone solution tailored for accounting firms and SMBs, making its platform accessible directly through its website.
As of today, Melio helps over 3,500 financial institutions meet the cash flow and payment needs of their SMB clients.