Melio provides a platform for SMBs to pay other companies electronically using bank transfers, debit cards, or credit — along with the option of cutting paper checks for recipients if that is what the recipients request. The company’s focus to date has been building and growing a system to replace the paper invoices, snail mail, and bank transfers that might take multiple days to clear. The company was founded in Israel but has to date focused a lot of its attention on the US market, where it saw growth of 2,000% in 2020.
This latest round was led by Coatue and included participation from previous backers Accel, Aleph, Bessemer Venture Partners, Corner Ventures, General Catalyst, and Latitude. The company raised USD 130 million in 2020 (and USD 256 million overall), with investors like American Express and Salesforce, as stated by TechCrunch.
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