The financing round was led by fintech company Fiserv. Credit: Panchenko Vladimir/Shutterstock.

B2B payments platform Melio has garnered $150m in a Series E funding round, at a $2bn valuation.

The financing round was led by fintech company Fiserv, with Shopify Ventures and Capital One Ventures also contributing.

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Other participants in the fundraise were Accel, Bessemer, Coatue, Frontline Ventures, General Catalyst, Latitude and Thrive Capital.

The latest capital infusion will be used to support Melio’s growth through B2B payments partnerships.

Melio’s platform is designed to streamline cash flow management for small and medium-sized enterprises (SMEs) by integrating accounts receivable and payable solutions.

This integration aims to help businesses and their accountants enhance cash flow and save time managing payment operations.

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Melio CEO and co-founder Matan Bar said: “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.”

Notably, Fiserv and Melio forged an alliance last year.

The partnership has yielded CashFlow Central.

This solution unifies Melio’s accounts payable and receivable workflows with Fiserv’s payment capabilities, as well as biller and merchant network.

More than 3,500 financial institutions that depend on Fiserv can now better serve the payment operations and cash flow needs of their SME clients.

Fiserv financial institutions group head John Gibbons said: “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.”

In 2022, Melio introduced international payments for US small businesses to pay suppliers abroad.