The Israeli company Melio (website) raised $250 million last year at a $4 billion valuation but laid off 60 employees in its U.S. sales and customer success team due to a shift in product priorities. Founded by fintech veterans Matan Bar, Ilan Atias, and Ziv Paz, Melio is developing a technology solution that enables small businesses in the U.S. to digitally transmit payments to their suppliers instead of remitting checks.
Melio’s solution helped small businesses overcome the payment challenges caused by the Covid 19 pandemic.
“Due to a shift in product priorities, we have made the difficult decision to part ways with 60 team members in our sales and customer success team,” the company said in a statement. “This is a difficult day for the affected team members, as well as the rest of the Melio team, as we must say goodbye to great people who have been close to us and have made Melio what it is today. Even though it was necessary to make these cuts, we want to do it in the right way. We have addressed the issues of severance, equity, health care and workplace support and have done our best to treat everyone as considerately as possible. We have also encouraged affected employees to apply for other open positions that Melio is hiring for at its locations. Melio will continue to accelerate hiring for its research and development teams and expand its Tel Aviv, New York and Denver offices to support overall team growth to capitalize on its current and future strategic opportunities.”
Melio said that it is expanding to additional floor in its Tel Aviv offices in Hagag Towers and that by the end of the year it will grow its development and product team in Israel by more than 300 people
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