Melio Latest Funding Round Values Company At $1.3 Billion
Melio is a company that small businesses use to adopt digital solutions to their companies to help mitigate against the effects of COVID. Melio provides a single, integrated tool that allows small businesses to transfer and receive payments in a faster, easier way.
"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," said Melio CEO and co-founder Matan Bar, a former PayPal Holdings Inc. executive. "We see this fundraising as a great privilege and responsibility to support small businesses during these challenging times."
"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" commented Michael Gilroy, General Partner at Coatue.
Coatue led Melio’s latest funding round that included Accel, Aleph, Bessemer Venture Partners, Corner Ventures, General Catalyst, and Latitude and generated a total of $110 million (a raise in 2020 which also included Salesforce and American Express Ventures was for $240 million).