Melio, founded in 2018 and headquartered in New York with offices in Tel Aviv, Israel, serves over 80,000 US SMBs and accounting firms.

Xero announced a deal to acquire small business payments platform Melio for $2.5 billion and fill a gap in its offerings by integrating accounting and bill payments.

New Zealand accounting software giant Xero agreed to buy U.S.-Israeli payments provider Melio for as much as $3 billion, the companies said on Wednesday, accelerating the Kiwi firm's push into the U.S.