Melio, a leading accounts payable and receivable platform for small and medium businesses, announced it has raised an additional $150 million in a strategic funding round led by Fiserv. And Shopify Ventures and Capital One Ventures also participated in the funding round, which will help drive the company’s growth through partnerships. Accel, Bessemer, Coatue, Frontline Ventures, General Catalyst, Latitude and Thrive Capital also joined in the latest funding round.
The Series E funding round, which valued Melio at $2 billion, follows a tenfold increase in revenue since the last funding round three years ago. This increase is driven by an expansion of Melio’s customer base to include medium-sized businesses and the launch of new partnerships.
Melio integrates cash flow management, accounts receivable, and accounts payable solutions to help small and medium-sized businesses (and their accountants) maximize cash flow and save significant time in managing their payment operations.
Fiserv and Melio had launched a partnership last year, combining Melio’s accounts payable and receivable workflows with the market-leading payment capabilities and biller and merchant network from Fiserv. CashFlow Central enables the 3,500+ financial institution clients of Fiserv to better meet the payment operations and cash flow needs of their small and medium-sized business clients and members.
KEY QUOTES:
“We’re proud to witness our embedded solution helping our partners better service their business clients, leading to increased deposits, higher engagement and creating new revenue streams.”
– Melio CEO and co-founder Matan Bar
“Through our partnership with Melio, CashFlow Central is designed to create significant value for financial institutions and their business clients or members. We are excited to leverage our unique position at the intersection of financial institutions and businesses to deliver a comprehensive, integrated experience that enables our clients to compete and grow their portfolios with this important segment of their communities.”
– John Gibbons, Head of Financial Institutions Group at Fiserv
