• Melio raised $150 million in a Series E round led by Fiserv.
• Today’s round values the accounts payable and receivable platform at $2 billion.
• The company’s 10x revenue growth over the past three years reflects its expansion into medium-sized businesses and new partnerships, significantly broadening its customer base.
• Melio and Fiserv initially began working together in 2023, when the two launched a combined solution called CashFlow Central.

Accounts payable and receivable platform Melio has landed $150 million in a strategic Series E round led by Fiserv. The investment, which brings the company’s total raised to $654 million, also saw strategic contributions from Shopify Ventures and Capital One Ventures, which are expected to boost Melio’s partnerships. Accel, Bessemer, Coatue, Frontline Ventures, General Catalyst, Latitude, and Thrive Capital also contributed.

Notably, today’s round values Melio at $2 billion. This comes as the New York-based company saw a 10x increase in revenue in the past three years. This growth was fueled by Melio’s move to add medium-sized businesses (SMBs) to its customer base, as well as its addition of new partners.

Melio and Fiserv initially began working together in 2023 in a partnership that combined Melio’s accounts payable and receivable workflows with Fiserv’s payment capabilities and biller and merchant network. The combined solution, called CashFlow Central, allows Fiserv’s 3,500+ financial institution clients to help their SMB customers manage their payment operations and cash flow needs.

“Through our partnership with Melio, CashFlow Central is designed to create significant value for financial institutions and their business clients or members,” said Fiserv Head of Financial Institutions Group John Gibbons. “We are excited to leverage our unique position at the intersection of financial institutions and businesses to deliver a comprehensive, integrated experience that enables our clients to compete and grow their portfolios with this important segment of their communities.”

Melio was founded in 2018 with the mission to empower small businesses and their accountants by enhancing cash flow and streamlining payment operations. The company’s platform simplifies both accounts receivable and accounts payable processes. It allows businesses to manage payments and invoices. Melio integrates with QuickBooks, Xero, and Amazon Business to enable features such as ACH transfers, automated bill payments, and the creation of virtual payment cards. Integrating with a business’ existing accounting tool not only reduces their administrative burden, but it also provides them with greater control, visibility, and flexibility over their finances.

“We’re proud to witness our embedded solution helping our partners better service their business clients, leading to increased deposits, higher engagement and creating new revenue streams,” said Melio CEO and co-founder Matan Bar.

Photo by David Becker on Unsplash

• Finix raised $75 million in a Series C round led by Acrew Capital, with contributions from Citi Ventures, Tribeca Venture Partners, and other prominent investors.
• The new funds boost Finix’s total funding to over $208 million.
• Finix processes 432 million transactions daily across the U.S. and Canada.

Payments processing company Finix has landed $75 million this week. The Series C investment, which brings the company’s total funding to just over $208 million, was led by Acrew Capital and co-led by Leap Global and Lightspeed Venture Partners. New investors Citi Ventures and Tribeca Venture Partners also contributed alongside existing investors Homebrew, Insight Partners, Inspired Capital, and Cap Table Coalition.

Finix was founded in 2015 to help banks, acquirers, and enterprises own, manage, and monetize their payments with a low-code user experience. The company processes 432 million transactions on a daily basis for software platforms, marketplaces, retail, and e-commerce businesses across the U.S. and Canada.

“Finix offers no-code payment solutions for the 22 million businesses without developers, ​​enabling seamless payment integrations with little to no technical expertise,” said Finix CEO and Co-founder Richie Serna. “When we started Finix, we were big believers in the developer movement, and we still are! But over time we’ve seen a major shift in the market. Even businesses that have developers don’t want to spend their time or resources on payments — they want highly brandable, configurable payment solutions that require little to no technical expertise to implement. From startups to publicly traded companies, merchants to vertical SaaS companies, customers of all sizes are taking advantage of Finix’s no-code solutions. Today, every feature in our broad product suite is now available in no-code, low-code and API-driven solutions.”

The funds come at a time of growth for the California-based company. Finix has quadrupled its revenue in the last year. And while the company has not disclosed how many merchants it currently serves, Finix told TechCrunch that it supported more than 12,000 merchants in 2022 and that it has so far closed a record number of merchant deals this year. This growth was likely spurred by Finix becoming a full-stack acquirer processor in May 2023.

As for the next evolution of Finix, Serna said that the company has evolved into a full-stack acquirer/processor. As a testament to this, Finix currently offers real-time payouts, no-code/low-code capabilities, omnichannel support for both card-present and card-not-present transactions, and cross-border payments capabilities.

Photo by Marcel Eberle on Unsplash

• Moneybox raised $90 million (£70 million) in a round led by Apis Global Growth Fund III and Amundi.
• Today’s investment boosts Moneybox’s total funding to $213.4 million (£165 million).
• Moneybox has grown rapidly, achieving an 84% increase in valuation since 2022, and will use the funds to further innovation and strengthen its market position.

Savings and investment platform Moneybox landed $90 million (£70 million) today. The round was led by Apis Global Growth Fund III and includes funds from Amundi.

“We are excited to welcome Apis and Amundi, who share our vision for how we can help millions of customers build wealth so they can live the life that they want – whether that’s saving for their first place in their 20s, being their own boss in their 40s, or taking the gap year that they never got round to in their 60s,” said Moneybox Co-founder and Executive Chair Ben Stanway.

Today’s funds boost the U.K.-based company’s total funding to $213.4 million (£165 million). This investment will largely be achieved via a secondary share sale in which existing investors will sell 10% to 15% of the current share capital. 

“We are also delighted to be able to facilitate this secondary share sale to recognize the hard work of our team and also our investors, many of whom have supported us since inception. We want to enable our shareholder community to realize some of the value of their investment at this important juncture,” added Stanway.

Founded in 2015, Moneybox offers investing, saving, pension, and home-buying Lifetime ISA tools in a single app. The company, which currently counts one million users and surpassed £10 billion in assets under administration in 2023, will use today’s funds to further its innovation, build on its growth, and ultimately strengthen its market position.

The investment comes two-and-a-half years after Moneybox’s £35 million ($45 million) Series D round in 2022, which valued the company at $388 million (£300 million). Moneybox has made an impressive acceleration since then, boosting its valuation by 84% to $711 million (£550 million).

“Moneybox is revolutionizing the way people approach personal finance by making saving and investing more accessible and understandable,” said Apis Co-Founder and Managing Partner Matteo Stefanel. “Moneybox’s mission to help everyone save and build wealth for the future aligns with Apis’ democratisation of finance theme and Impact goals, and we’re excited to support the team in this phase of their journey.”

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• TrueLayer secured an additional $50 million in funding, bringing its Series E round total to $180 million.
• TrueLayer’s valuation has dropped to $700 million from its peak of $1 billion in 2021.
• Despite the downround, TrueLayer remains optimistic about its future, stating its intentions to work toward profitability.

Open banking platform TrueLayer is proving that it is not just AI companies that are receiving VC investor attention. The London-based company recently received a $50 million extension of its $130 million Series E round.

Today’s follow-on round was led by existing investor Northzone with contributions from Tencent Holdings, Tiger Global, Temasek Holdings, and Stripe. According to Bloomberg, the recent round reportedly values TrueLayer at $700 million, which is notably lower than the $1 billion valuation the company received during its 2021 Series E round.

Despite TrueLayer’s recent raise being a downround—reflecting a valuation drop of $300 million—this trend has been common across the fintech sector in recent years. TrueLayer remains optimistic, viewing the new funding as a vote of confidence in its future growth and ability to achieve profitability. “Separately to this fundraise, we have taken important steps to chart our path toward profitability. This funding is yet another vote of confidence in our company, our technology,” said TrueLayer CEO Francesco Simoneschi.

Founded in 2016, TrueLayer offers an open banking payments network that processes $40 billion across 120 million transactions annually. The company has 10 million users located among 21 European countries. In addition to its payments and payouts products, TrueLayer also offers Signup+, a streamlined onboarding tool, and VRP, its variable recurring payments tool.

TrueLayer appointed its first Chief Strategy Officer, Lisa Scott, earlier this year. The company has raised a total of $321 million. Francesco Simoneschi is Co-founder and CEO.

TrueLayer, which counts Revolut, Coinbase, and Robinhood among its clients, is well-known for facilitating pay-by-bank transactions. Pay-by-bank has seen increased interest among merchants, as they have multiple benefits in comparison to credit card payments. The benefits include fewer fees, faster settlement, and reduced chargebacks. While there has been some movement in pay-by-bank usage in the U.S., pay-by-bank has seen more growth in Europe where open banking is regulated and consumers don’t rely on credit cards as much.

Photo by Michael Kessel