In August, the company has raised a total of $80m in a series C funding round
Melio, a New York-based B2B payments provider that supports small businesses in making their supplier payments easier, has announced raising a total of $144m since it was founded in 2018.
The investors who have led the fundraising rounds include Accel, Aleph, Bessemer Venture Partners, Coatue Management and General Catalyst, with participation from LocalGlobe, Corner Ventures and American Express Ventures.
The firm has raised $16m in seed and series A rounds, followed by $48m in series B round and in this August, it raised $80m in series C round, taking its total fundraising to $144m.
The fundraising is expected to enable the firm to accelerate growth and gain more customers as well as support its plans to provide B2B payments to third parties.
Melio sees 700% increase in payments volumes
The company offers digital payments tools for small businesses to enable them to better manage their supplier payments. The tools are expected to minimise time and cost while maximising cash flow.
Melio claims that since launching its tools to customers last year, the company has seen a rapid growth, processing multi-billion payment volumes.
Between this March and August, the company has witnessed a 700% growth in payments volumes, as small businesses facing the challenges posed by the Covid-19 pandemic, have switched to new technology to control their cash flow and manage their finances remotely.
Melio co-founder and CEO Matan Bar said: “At a time when small businesses need the most flexibility, they have the least. Our mission is to keep small businesses in business. We do this by allowing small businesses to manage payments remotely, paying when and how they want, giving them more control and helping businesses manage cash flow.
“Business payments shouldn’t be more complicated than paying a friend with your phone.”
Recently, Melio partnered with Intuit Quickbooks, a fintech platform for small businesses, to power one of its bill pay solutions.