Melio, the US-based payment platform developer backed by corporates American Express and enterprise software provider Salesforce, is tripling its valuation to $4bn in its latest funding round, The Information reported on Monday.
The amount was undisclosed but the round was co-led by venture capital firms Thrive Capital and General Catalyst, according to a person with direct knowledge of the deal. It is still open and could still see the valuation change.
Founded in 2018, Melio has developed an online platform enabling small businesses to handle payments with external suppliers and contractors.
Investment manager Coatue Management led a $110m round for the company in January 2021 that included VC firms Accel, Bessemer Venture Partners, Aleph, Corner Ventures, General Catalyst and Latitude at a valuation of $1.3bn, bringing its total funding to $240m.
American Express subsidiary American Express Ventures took part in Melio’s $48m series B round in February 2020 alongside Accel, Aleph, Bessemer Venture Partners, Coatue Management, General Catalyst, LocalGlobe and Corner Ventures.
The unit returned for an $80m series C round in August the same year, and the company revealed in 2020 that Salesforce is also an investor.
