(Bloomberg) -- Melio, a payments startup focused on small businesses and backed by investors including American Express Ventures and Bessemer Venture Partners, has raised $144 million to fund new hires.
The New York-based firm, founded in 2018, plans to use the funds to hire more engineers and sales staff, according to a statement on Tuesday. Melio also intends to collaborate with more bookkeeping services, such as the company's partnership with Intuit Quickbooks.
The company is looking to seize a greater slice of the U.S. market for payments between businesses, which stands at roughly $25 trillion a year, according to a Mastercard Inc. presentation. While the segment has become increasingly digital over the last 15 years, more than 40% of business payments are still processed with checks, according to a report by the Association for Financial Professionals and underwritten by JPMorgan Chase & Co. last year.
“Business payments shouldn't be more complicated than paying a friend with your phone,” Matan Bar, Melio co-founder and chief executive officer, said in a statement.
©2020 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
