Melio, a B2B payments platform focused on small businesses, has launched international payments to allow US small businesses to pay suppliers internationally.
The move allows Melio’s to make payments to suppliers in more than 70 countries, including main import markets, starting 1 July.
While there has been a sharp increase in the cross-border payments made by small businesses, many small businesses do not have the infrastructure to support complex international payments, noted the company.
Melio claims that its international payments solution will broaden the number of vendors that its customers can conduct business with, enabling them to better compete in the global marketplace.
Melio co-founder and CTO Ilan Atias said: “As Melio continues to scale rapidly we are growing our product and R&D team in order to expand our product offering for small businesses.
“I am pleased that Melio has reached this milestone of enabling payments to over 70 countries, which will provide small businesses with more flexibility to expand their pool of suppliers abroad and with room to innovate.”
New York-headquartered Melio was founded in 2018 by CEO Matan Bar together with Atias and Ziv Paz.
The firm has its western US headquarters in Colorado and an R&D centre in Tel Aviv.
Melio’s smart B2B online payment solution enables small businesses and their suppliers to transfer and receive payments quickly.
Last year, the firm raked in $250m in a Series D funding round, tripling its valuation to $4bn.
It has raised $506m in capital to date.