The funding helps Melio reach a $4B valuation. Here are the top-line bullets you need to know.
Melio, a B2B digital payments technology company, has raised $250M in a Series D. The round drew participation from Accel, Tiger Global Management, and Coatue Management, among others.
How’s the company performing?
- New York-based Melio provides a B2B online payments solution that helps businesses and their suppliers send and receive payments. The company aims to help businesses improve their cash flow and workflow.
- The company’s monthly processing volumes have grown 5000% over the past 18 months.
- Melio’s platform is integrated into Quickbooks. The company has also partnered with Capital One to provide its small business customers with cash flow management tools. Additionally, it has partnerships with Mastercard, American Express, Discover, and Visa, among others.
- The company’s headquarters is in New York, and it maintains an R&D center in Tel Aviv. It is also in the process of establishing its western US headquarters in Colorado.
- Over the past 6 months, Melio’s team has increased by approximately 80% to reach around 385 employees across its New York and Tel Aviv offices, according to LinkedIn. It has also initiated recruitment efforts in order to fill 250 positions in its Colorado office.
Why does the market matter?
- The global digital payment market is projected to grow at a CAGR of 19.4% to reach a value of $236.1B by 2028, according to Grand View Research.
- The rise in e-commerce sales has led to an increase in digital transactions, boosting market growth. Moreover, increased investments by banks to enhance digital payment infrastructures and compete with major players like Google, Amazon, and Facebook have further contributed to this expansion.