Melio’s mission to tackle a $14 trillion problem

“Most businesses across the U.S are still using paper checks and paper invoices in terms of how they manage their supplier payments,” explained Matan Bar, Co-Founder and CEO of Melio. “We’re talking about more than $14 trillion in paper checks that are being transferred every year between businesses. Melio's mission is to keep small businesses in business by digitizing these supplier payments.”

Melio’s platform is designed for small U.S businesses such as restaurants, construction companies, and medical clinics.

According to Bar, it is no easy task. “It’s a relatively big mission, so we require a lot of funding to tackle this huge problem… A problem this size requires a large team, a large effort, and to support that we needed the funding to recruit as many people as we can as fast as we can to really execute and help businesses when they need it most.”

You can watch the entire exchange in the video above.