US-based payment software provider Melio disclosed today it has raised $144m in funding from investors including American Express Ventures, the corporate venturing arm of payment services firm American Express.
The $144m total was reached with an $80m series C round Melio closed last month. It came in the wake of a $48m series B round in March this year that in turn followed $16m secured across seed and series A rounds.
The company said investment manager Coatue Management and venture capital firms Accel, Aleph, Bessemer Venture Partners and General Catalyst led the rounds, while American Express Ventures, LocalGlobe and Corner Ventures were also among the investors.
Melio has built an online platform that allows businesses to digitally make, receive and manage their payments to and from suppliers in a single place. The latest funding will support company growth and the strengthening of its business-to-business payment software provision for third-party customers.
Company founder and CEO Matan Bar had previously head of consumer [peer-to-peer] payments for digital payment processor PayPal. He said: “At a time when small businesses need the most flexibility, they have the least. 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. Business payments should not be more complicated than paying a friend with your phone.”
