Melio, a New York-based B2B payments outfit focused on small businesses, has raised $144 million to fund a hiring spree.
Melio says its digital accounts payable and receivable dashboard provides a single, integrated tool that allows small businesses to transfer and receive payments in a faster, easier way, giving oversight and control over cash flow, and reducing or eliminating late payment costs.
The firm says that the fallout from Covid-19 has seen small firms accelerate their shift to digital, prompting it to push its growth plans. The new funding will also support plans to provide B2B payment capabilities to third parties.
Matan Bar, CEO, Melio, says: "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."