Melio, an accounts payable and receivable platform for small and medium businesses, has hit a $2 billion valuation in a $150 million strategic funding round led by Fiserv.
Shopify Ventures, Capital One Ventures, Accel, Bessemer, Coatue, Frontline Ventures, General Catalyst, Latitude and Thrive Capital joined the Series E for New York-based Melio.
The funding follows a ten-fold increase in revenue since the last $110 million round three years ago.
Melio’s platform integrates cash flow management, accounts receivable and accounts payable solutions to help SMBs - and their accountants - maximise cash flow and save time managing their payment operations.
The firm formed a partnership last year with Fiserv, combining Melio’s accounts payable and receivable workflows with the fintech giant's payment capabilities and biller and merchant network.
The offering, CashFlow Central, allows the more than 3,500 financial institution clients of Fiserv to better meet the payment operations and cash flow needs of their SMB clients and members.