REUTERS: Melio, a New York-based startup that provides payment tools for small businesses, has hired Prashant Gandhi, a managing director at JPMorgan Chase & Co and the previous head of Chase’s digital payments, according to the company. Gandhi will be in charge of expanding the startup’s business with financial institutions and software businesses as chief business officer, according to Melio.
Gandhi worked at JPMorgan Chase, where he was part of a team that oversaw the bank’s digital payment products for consumers and small businesses.
Gandhi spent 16 years at McKinsey & Co, where he was a partner and helped to develop a new business called McKinsey Digital as the global chief operating officer, before joining the United States’ largest bank.
The move comes amid a global surge in digital payment volumes, fueled by coronavirus lockdowns that have pushed more businesses online and boosted demand for digital payment software.
Melio was founded in 2018 and has raised US$256 million in funding from investors such as Coatue, Accel, and General Catalyst.
It offers a free online payment platform that, according to the company, makes it easier for small businesses and their suppliers to accept and transfer payments.
According to the company, it expects to execute tens of billions of dollars in transactions by 2021.
(Anna Irrera contributed reporting.) Jane Merriman did the editing. )/n
