Melio, an accounts payable and receivable platform for small and medium businesses, this week announced it had raised an additional $150 million in a strategic funding round led by Fiserv, Inc. (NYSE: FI), a global provider of payments and financial services technology solutions. Shopify Ventures and Capital One Ventures also participated in the funding round, which will help fuel the company’s growth through partnerships. Accel, Bessemer, Coatue, Frontline Ventures, General Catalyst, Latitude and Thrive Capital also participated in the latest funding round.
The Series E round, which valued Melio at $2 billion, follows a ten-fold increase in revenue since the last funding round three years ago, driven by an expansion of Melio’s customer base to include medium-sized businesses and the launch of new partnerships.
Melio’s platform integrates cash flow management, accounts receivable and accounts payable solutions to help small and medium-sized businesses – and their accountants – maximize cash flow and save significant time managing their payment operations.
Fiserv and Melio launched a partnership last year, combining Melio’s accounts payable and receivable workflows with the market-leading payment capabilities and biller and merchant network from Fiserv. The solution, CashFlow CentralSM, allows the more than 3,500 financial institution clients of Fiserv to better meet the payment operations and cash flow needs of their small and medium-sized business clients and members.
“We’re proud to witness our embedded solution helping our partners better service their business clients, leading to increased deposits, higher engagement and creating new revenue streams,” said Melio CEO and co-founder Matan Bar.
“Through our partnership with Melio, CashFlow Central is designed to create significant value for financial institutions and their business clients or members,” said John Gibbons, head of Financial Institutions Group at Fiserv. “We are excited to leverage our unique position at the intersection of financial institutions and businesses to deliver a comprehensive, integrated experience that enables our clients to compete and grow their portfolios with this important segment of their communities.”
