Commercial payment companies receive $112.1 million in the latest round of funding
Melio and Volopay joined the list of commercial payments startups having bagged new funding in 2021, bringing the year’s total to $953 million.
Last week New York-based, Melio has announced $110 million in funding which puts the company’s valuation at $1.3 billion. The funding round was led by Coatue and existing investors including Accel, Aleph, Bessemer Venture Partners, Corner Ventures, General Catalyst and Latitude. Back in 2020, Salesforce and American Express Ventures had also invested.
“Getting better control over cash flow and the ability to manage payments remotely –and small business digitization is here to stay – are key elements of a business’ health, and that process shouldn’t be complicated,” said Melio CEO and co-founder Matan Bar.
Further Michael Gilroy who is General Partner at Coatue said, “Melio has identified both the opportunity and duty to help small businesses manage their finance remotely & improve cash flow”.
Meanwhile, Volopay, a Singapore based spend management platform has raised $2.1 million in a seed funding round. The round was led by Tinder founder Justin Mateen, Soma Capital, CP Ventures, Y Combinator and VentureSouq.
The company also announced that it is integrating Airwallex’s API ‘to fast track our customer offering’ and also said this has provided them ‘with robust payment and issuing capabilities’.
Last year, Volopay partnered with Wallex to launch an integrated platform for Singapore based SMEs.
As previously reported by CPI, Checkout.com, Modern Treasury and Rapyd took $450 million, $38 million and $300 million in funding respectively.