B2B payments outfits, Melio hits $1.3bn valuation

Melio, a New York-based B2B payments outfit focused on small businesses, has joined the unicorn club off the back of a $110 million funding round. Melio provides a single, integrated tool that it says allows small businesses to transfer and receive payments in a faster, easier way; giving oversight and control over cash flow, reducing or eliminating late payment costs, and giving businesses back valuable time.

Melio, which offers a platform for SMBs to pay different corporations electronically utilizing financial institution transfers, debit playing cards or credit score ,after the funding the valuation has reached at $1.3 billion. The round was led by Coatue and joined by Accel, Aleph, Bessemer Venture Partners, Corner Ventures, General Catalyst, and Latitude.

The corporate was based in Israel however has so far centered loads of its consideration on the U.S. market, the place it noticed development of two,000% final yr to 1,000 prospects. CEO Matan Bar mentioned that that is the place the corporate will proceed to focus for now.

The firm's monthly active users grew by over 2000% in 2020 as small businesses turned to digital tools to mitigate against the effects of Covid-19 on their bottom line.

Matan Bar, CEO, Melio, says: "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.