rewrite this title Fiserv Leads $150 Million Round in Accounts Payable and Receivable Platform Melio |

Melio raised $150 million in a Series E round led by Fiserv.

Today’s round values the accounts payable and receivable platform at $2 billion.

The company’s 10x revenue growth over the past three years reflects its expansion into medium-sized businesses and new partnerships, significantly broadening its customer base.

Melio and Fiserv initially began working together in 2023, when the two launched a combined solution called CashFlow Central.

Accounts payable and receivable platform Melio has landed $150 million in a strategic Series E round led by Fiserv. The investment, which brings the company’s total raised to $654 million, also saw strategic contributions from Shopify Ventures and Capital One Ventures, which are expected to boost Melio’s partnerships. Accel, Bessemer, Coatue, Frontline Ventures, General Catalyst, Latitude, and Thrive Capital also contributed.

Notably, today’s round values Melio at $2 billion. This comes as the New York-based company saw a 10x increase in revenue in the past three years. This growth was fueled by Melio’s move to add medium-sized businesses (SMBs) to its customer base, as well as its addition of new partners.

Melio and Fiserv initially began working together in 2023 in a partnership that combined Melio’s accounts payable and receivable workflows with Fiserv’s payment capabilities and biller and merchant network. The combined solution, called CashFlow Central, allows Fiserv’s 3,500+ financial institution clients to help their SMB customers manage their payment operations and cash flow needs.

“Through our partnership with Melio, CashFlow Central is designed to create significant value for financial institutions and their business clients or members,” said Fiserv Head of Financial Institutions Group John Gibbons. “We are excited to leverage our unique position at the intersection of financial institutions and businesses to deliver a comprehensive, integrated experience that enables our clients to compete and grow their portfolios with this important segment of their communities.”

Melio was founded in 2018 with the mission to empower small businesses and their accountants by enhancing cash flow and streamlining payment operations. The company’s platform simplifies both accounts receivable and accounts payable processes. It allows businesses to manage payments and invoices. Melio integrates with QuickBooks, Xero, and Amazon Business to enable features such as ACH transfers, automated bill payments, and the creation of virtual payment cards. Integrating with a business’ existing accounting tool not only reduces their administrative burden, but it also provides them with greater control, visibility, and flexibility over their finances.

“We’re proud to witness our embedded solution helping our partners better service their business clients, leading to increased deposits, higher engagement and creating new revenue streams,” said Melio CEO and co-founder Matan Bar.

Photo by David Becker on Unsplash

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