L-R Melio CEO Ilan Atias, Matan Bar/ credit Dana Tamari
Melio, an Israeli fintech unicorn, is set to be sold to software services provider Bill Holdings for $1.95 billion in a cash-and-stock deal, Bloomberg News reported. Unfortunately for Melio, the company was once valued at as much as $4 billion. Bill Holdings currently has a market cap of around $6.6 billion.
Melio was forced to lay off 60 of its workers in August 2022 as a result of a worldwide financial crunch at the time.
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Bill Holdings is a leader in financial automation software for small and midsize businesses (SMBs). Hundreds of thousands of businesses trust BILL solutions to manage financial workflows, including payables, receivables, and spend and expense management.
Founded in 2018, 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.
Melio was co-ounded 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.
In August, Melio payments launched the Pay Over Time, a new product allowing small businesses to pay vendors and bills in monthly installments. Credit Key powers the product and provides eligible small businesses instant access to capital of up to $50,000 through their Melio account.
