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 Ltd., a cloud-based accounting software firm, agreed to buy Melio Payments Inc. for $2.5 billion as the New Zealand company pushes deeper into the US market with its biggest-ever acquisition.

Xero said the acquisition of Melio will accelerate its global aspirations and solve a critical customer need in the U.S. by uniting accounting and payments in one platform for customers.