Melio, a payments platform tailored for small and medium-sized businesses (SMBs), has secured $150 million in a Series E funding round led by Fiserv. This new funding brings Melio‘s valuation to $2 billion. Other participants in the round include Shopify Ventures, Capital One Ventures, Accel, Bessemer, Coatue, Frontline Ventures, General Catalyst, Latitude, and Thrive Capital.
Melio has experienced a ten-fold increase in revenue since its last $110 million funding round three years ago. The company’s platform helps SMBs and their accountants streamline cash flow management by integrating accounts receivable and accounts payable processes.
Melio and Fiserv formed a strategic partnership last year, offering CashFlow Central—a combined solution that leverages Melio‘s payment workflows and Fiserv’s extensive network of billers and merchants. This partnership enables Fiserv’s 3,500 financial institution clients to better address the cash flow needs of their SMB clients.