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.
The round was led by Coatue and joined by Accel, Aleph, Bessemer Venture Partners, Corner Ventures, General Catalyst, and Latitude.
Coming just months after Melio closed a $144 million round, the latest funding sees Melio hit a $1.3 billion valuation.
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.
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."