TEL AVIV, Sept 8 (Reuters) - Israel-based Melio, whose technology helps small businesses digitally manage their supplier payments, said on Tuesday it has raised $144 million to fund its expansion in the United States.
Since its founding in 2018, it has raised the funds from investors including Accel, Aleph, Bessemer Venture Partners, Coatue Management and General Catalyst, with participation from LocalGlobe, Corner Ventures and American Express Ventures.
From March to August, Melio has seen payments volumes increase by 700%, as small businesses, faced with the effects of COVID-19, turn to new technology to manage their finances remotely, the company said.
Small businesses use various tools to manage supplier payments, with almost half of business-to-business payments carried out with paper checks.
Melio said its digital accounts payable and receivable tool allows small businesses to transfer and receive payments in a faster, easier way. (Reporting by Tova Cohen Editing by Steven Scheer)