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Payments firm Melio raises funds at $4 billion valuation

Kitco News

Sept 14 (Reuters) - Melio, a payments platform for small businesses, said on Tuesday it had raised $250 million in a late-stage funding round, tripling its valuation to $4 billion since the start of 2021.

The latest funding round, co-led by new investor Thrive Capital and existing shareholder General Catalyst, brings the U.S.-Israeli firm’s total funding to $506 million since its inception in 2018.

U.S. student investment fund Tiger Capital Management, as well as existing investors Accel, Bessemer, Coatue, Corner Ventures and Latitude, also took part in the Series D round.

New York-based Melio, which raised funds at a $1.3 billion valuation in January here, said its monthly processing volumes had surged 5,000% over the past 18 months.

Founded by Matan Bar, Ilan Atias and Ziv Paz, the company provides a free online platform that helps small businesses and their suppliers to receive and transfer payments faster and easier.

Companies that make solutions to help small businesses manage their day-to-day needs stand to benefit as these businesses recover from a pandemic-induced slump.

Melio said it planned to use the funds to expand its partnerships with financial institutions, software providers and marketplaces.

It hired here in July a JPMorgan Chase & Co managing director and Chase's former head of digital payments as its chief business officer.

Melio has tie-ups with Capital One and small-business accounting software provider Intuit’s QuickBooks. (Reporting by Sohini Podder and Niket Nishant in Bengaluru; Editing by Aditya Soni)

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