Ken Chenault's VC leads investment in payments startup Melio
Melio, which specializes in streamlining SMBs’ payments to suppliers, has raised an additional $80 million in venture capital funding to power its rapid growth during the pandemic.
VC firms Coatue Management and General Catalyst, run by former Amex chairman and CEO Kenneth Chenault, drove the latest funding round, bringing the company’s total VC pool to $144 million.
Launched in March 2019 with offices in New York and Israel, Melio’s platform provides tools to prioritize outbound supplier payments and access capital while enabling SMBs to accept payments from customers through an integration with QuickBooks.Melio said its payments volume grew exponentially between March and August through a strategy targeting cash-strapped small businesses with instant integration.
“Small businesses require as much flexibility and control over their cash flow as possible to persevere and Melio provides the tools to achieve both,” Chenault said in the release.