(Reuters) – Melio, a payments platform for small businesses, said on Tuesday it had raised $250 million in a late-stage funding round, tripling its valuation to $4 billion since the start of 2021.
The latest funding round, co-led by new investor Thrive Capital and existing shareholder General Catalyst, brings the U.S.-Israeli firm’s total funding to $506 million since its inception in 2018.
Tiger Global Management, as well as existing investors Accel, Bessemer, Coatue, Corner Ventures and Latitude, also took part in the Series D round.
New York-based Melio, which raised funds at a $1.3 billion valuation in January https://www.reuters.com/article/israel-tech-fundraising-melio-int-idUSKBN29U1DF, said its monthly processing volumes had surged 5,000% over the past 18 months.
Founded by Matan Bar, Ilan Atias and Ziv Paz, the company provides a free online platform that helps small businesses and their suppliers to receive and transfer payments faster and easier.
Companies that make solutions to help small businesses manage their day-to-day needs stand to benefit as these businesses recover from a pandemic-induced slump.
Melio said it planned to use the funds to expand its partnerships with financial institutions, software providers and marketplaces.
It hired https://www.reuters.com/business/finance/fintech-startup-melio-hires-jpmorgan-chase-digital-payments-executive-2021-07-13 in July a JPMorgan Chase & Co managing director and Chase’s former head of digital payments as its chief business officer.
Melio has tie-ups with Capital One and small-business accounting software provider Intuit’s QuickBooks.
(This story officially corrects investor name to Tiger Global Management from Tiger Capital Management in paragraph 3 after company clarifies)
(Reporting by Sohini Podder and Niket Nishant in Bengaluru; Editing by Aditya Soni)