The funding round was led by Fiserv, with participation from Shopify Ventures, Capital One Ventures, Accel, Bessemer, Coatue, Frontline Ventures, General Catalyst, Latitude, and Thrive Capital. The company plans to use the funds to advance its growth through strategic partnerships.
Melio offers a platform for accounts payable and receivable that empowers small and medium-sized businesses (SMEs) to manage payments efficiently. By optimising cash flow and augmenting workflows, Melio simplifies the process of sending and receiving payments. The service is delivered through integrations with financial institutions, ecommerce platforms, SaaS providers, and marketplaces.
Fiserv and Melio formed a partnership in 2023, integrating Melio’s accounts payable and receivable workflows with Fiserv’s payment capabilities and biller and merchant network. This collaboration resulted in CashFlow CentralSM, a solution that enables over 3,500 financial institution clients of Fiserv to address the payment operations and cash flow requirements of their small and medium-sized business clients and members.
In 2023 Melio introduced real-time payments, enabling instant fund transfers from payors to vendors. This feature allowed businesses to retain their funds for as long as possible instead of making payments days in advance of an invoice's due date to ensure timely delivery. Representatives from Melio mentioned that while consumers have enjoyed the benefits of real-time payments for years, vendors and their small business clients can now also take advantage of this technology. Real-time payments are a change for small businesses, allowing payors to hold onto cash longer and ensure timely payments even when made at the last minute.
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