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Melio hits $1.3bn valuation

Melio hits $1.3bn valuation

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."

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