The Israeli fintech company Melio raised $ 250 million in a Series D round

Posted on Sep 14, 2021 by Ifi Reporter

The Israeli fintech company Melio raised $ 250 million in a Series D round. The company tripled its value to $ 4 billion after the money, three times the value of the company in the previous round announced in January 2021.
The round was led by new investor Thrive Capital Fund, along with existing investor General Catalyst Fund. They were joined by the American investment company Tiger Capital Management, which is currently one of the most active investors in Israeli high-tech with fresh investments in Papia Global and others, as well as existing investors.

Since its inception in 2018 by entrepreneurs Matan Bar (CEO), Ziv Paz (COO) and Ilan Atias (CTO), Melio has raised $ 506 million including the current investment. This is Malio's largest fundraiser, last January the company raised $ 110 million in a round B at a value of $ 1.3 billion, a significant increase from the raising in September 2020 when it was worth $ 700 million.
Melio has developed a system that allows small businesses in the U.S. to pay digitally to their suppliers. To date, most transactions in the U.S. are made using outdated banking or check systems. The corona changed the picture quickly when most of the businesses that used to give the payment physically encountered a difficult problem and looked for ways to pay the various suppliers.
A good example is the fintech company Rapid, which recently raised an estimated value of about $ 10-9 billion, but is a more mature company and recorded a doubling of value rather than a trinity. More rare is the significant jump in the volume of transactions the company has made from a volume of millions of dollars to billions over a period of months.
Transferring payments for goods and services between U.S. businesses is still largely manual and involves inefficient processes, such as the use of paper invoices and checks, which produces long payment times. In fact, over 40% of U.S. B2B transactions are still made through paper checks. The corona changed the picture quickly when most of the businesses that used to give the payment physically encountered a difficult problem and looked for ways to pay the various suppliers. The market for payments between businesses in the United States only in checks is estimated at trillions of dollars.
The company's workforce has seen a significant jump. According to Bar, "In January 2020 we were 30 people and today we are 420 in Israel and New York mainly. We opened a new center in Denver that will be a center of sales and support for the American market we work with. One of the reasons developers choose us is the rapid growth rate of our systems which is a one-time technological challenge for many developers who want to experience the development of a system that has grown this way. "We kept up and we quickly connected with another bank and finally signed a deal with a huge bank such as JPMorgan."


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