Payments startup Melio raises $144 Million | HT Tech

Payments startup Melio raises $144 Million

Melio also intends to collaborate with more bookkeeping services, such as the company’s partnership with Intuit Quickbooks.

By:BLOOMBERG
| Updated on: Sep 09 2020, 04:00 IST
The company is looking to seize a greater slice of the US market for payments between businesses.
The company is looking to seize a greater slice of the US market for payments between businesses. (Melio)

Melio, a payments startup focused on small businesses and backed by investors including American Express Ventures and Bessemer Venture Partners, has raised $144 million to fund new hires.

The New York-based firm, founded in 2018, plans to use the funds to hire more engineers and sales staff, according to a statement on Tuesday. Melio also intends to collaborate with more bookkeeping services, such as the company's partnership with Intuit Quickbooks.

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The company is looking to seize a greater slice of the US market for payments between businesses, which stands at roughly $25 trillion a year, according to a Mastercard Inc. presentation. While the segment has become increasingly digital over the last 15 years, more than 40% of business payments are still processed with checks, according to a report by the Association for Financial Professionals and underwritten by JPMorgan Chase & Co. last year.

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“Business payments shouldn't be more complicated than paying a friend with your phone,” Matan Bar, Melio co-founder and chief executive officer, said in a statement.

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First Published Date: 09 Sep, 04:00 IST
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