Matan Bar (centre)/Melio.
Shopify launches eCommerce payments tool with help from Israeli fintech Melio
Melio Payments, an Israeli B2B payments startup, launches tool with Shopify for merchants to pay customers and manage expenses from within Shopify’s eCommerce platform.
In a timely start to NYC Fintech Week, Shopify announced that they have teamed up with Melio, a B2B payment company, to give merchants the ability to pay their customers and vendors within the platform. Dubbed Shopify Bill Pay, the new product will assist with managing business bills, the fintech revealed.
It’s a significant move for Melio, an Israeli-based payments company that started in 2018, as it's the first time Melio will embed its software with a commerce platform, as stated in the press release.
Shopify’s head of product partnerships and monetization, Shruti Patel, wrote on LinkedIn that it would bring them “one step closer to advancing their mission of making commerce better for everyone.”
But, it’s not their first partnership with a big corporate – in January, Melio Payments, which has raised $506m as of last fall, penned a partnership with Xerox that allowed SMB customers to sync their accounts for billing purposes.
"Shopify Bill Pay will bring a whole new experience to merchants who are overwhelmed by managing their cash flow and inventories,” Matan Bar, Melio's CEO and co-founder said.
In a fintech space that may be correcting some of the high-flying 2020 and 2021 valuations, Melio has scored major partnerships since the beginning of the year but shows no signs of further VC funding.
Previously, the company has been backed by American Express Ventures, General Catalyst, and Thrive Capital, among others, according to CB Insights.
In an Instagram post shared by Melio Payments, the company wrote that the offering is free and allows Quickbooks syncing.