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Payments firm Melio names ex-Meta, PayPal exec as COO

JERUSALEM (Reuters) - Melio, an Israeli startup that offers payment tools for small businesses, said on Monday it named former Meta and PayPal senior executive Tomer Barel as its new Chief Operating Officer.

Barel is expected to lead Melio's strategy execution and scale operations amid the firm's rapid growth, it said.

The appointment comes as Melio's payments processing volume has risen to tens of billions of dollars annually, stemming from a global boom in digital payments volumes, driven by coronavirus lockdowns which pushed more business online and increased demand for digital payments software.

Last July, Melio hired Prashant Gandhi, a JPMorgan Chase & Co managing director and Chase's former head of digital payments. In September, it raised $250 million in a late-stage funding round, tripling its valuation to $4 billion since the start of 2021.

(Reporting by Steven Scheer)