Israeli fintech unicorn Melio was purchased by Xero, a New Zealand tech company that is traded in the Australian stock market, for upwards of 2.5 billion dollars. As first published by Ynet's sister publication Calcalist, the sale is structured as a mix of cash and equity.
Melio employees will also receive an additional $500 million in performance-based and time-based payouts over three years.
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Melio's main players, from right: Tomer Barel, president; Matan Bar, CEO and co-founder; Ilan Atias, CTO and co-founder
(Photo: Shlomi Yosef)
“Joining Xero is an incredible opportunity for the Melio team to further our mission to reinvent the way businesses pay each other,” CEO Matan Bar said in a statement. “We’re excited by our shared purpose to scale in the US and combine Xero’s accounting capabilities with Melio’s payments solutions.”
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Founded in 2018, Melio is led by CEO and co-founder Matan Bar, CTO and co-founder Ilan Atias, and President Tomer Barel. It developed an advanced digital platform enabling a range of payment solutions for businesses in the U.S., providing an overlay on top of basic services offered by partners, including financial institutions and software companies. The company employs 600 people in total, 400 of them in Israel.