Melio, an Israeli fintech unicorn, is the latest Israeli unicorn to have to acknowledge the current downturn in the markets and make cutbacks The company is laying off 60 people from its sales and customer success team.
This is being done by a company that hit a $4 billion valuation last fall.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at firstname.lastname@example.org.
Melio provides a single, integrated tool that allows small businesses to transfer and receive payments in a faster, easier way; giving oversight and control over cash flow, reducing or eliminating late payment costs, and giving businesses back valuable time.
“Due to a shift in product priorities, we’ve made the difficult decision to separate ways from 60 team members across our Sales and Customer Success team,” the company said in a statement. “This is a hard day for the impacted team members and also for the rest of the Melio team as we have to say goodbye to great people that are close to us and who made Melio what it is today.”
Melio went on to say that it “wants to do the right thing” for the fired people. The company says that they will get severance, equity, healthcare, and job support and that it has, “done our best to treat everyone in the most thoughtful way we can.”
“We also encouraged impacted members to apply to other open roles that Melio is hiring for across its sites.” the company said. “Melio will continue to accelerate hiring for its R&D teams and expand its offices in Tel Aviv, New York, and Denver to support this overall team growth in order to be able to support its current and future strategic opportunities.”
Melio was founded by CEO Matan Bar, CTO Ilan Atias, and COO Ziv Paz. The three are experienced entrepreneurs. CEO Matan Bar sold his first startup The Gifts Project, to eBay and managed an international P2P payment team at PayPal.
COO Ziv Paz served as VP of the FIMI fund, which specializes in acquiring and improving companies. CTO Ilan Atias worked at PrimeSense, which developed sensors for detecting body movements. The company was sold to Apple. He also held a management position at Outbrain and Windward.
Melio has built a technological infrastructure that connects to various financial entities, including the development of algorithms that protect the system from fraud.