As Reuters reported Tuesday (July 13), Prashant Gandhi, who has also served as a managing director at JPMorgan Chase & Co., will be in charge of boosting Melio’s business with software companies and financial institutions.
While at JPMorgan, Gandhi was responsible for helping put together a team that managed the digital payment tools used by the bank’s small business and retail customers. Before that, he spent 16 years with McKinsey & Co, serving as a partner and as well as global chief operating officer of a new practice known as McKinsey Digital.
“The move comes amid a global boom in digital payments volumes, driven by coronavirus lockdowns which [have] pushed more business online and increased demand for digital payments software,” the Reuters story reports.
Gandhi is not the only JPMorgan veteran to join a payments firm this month. As PYMNTS reported last week, the Canadian company FlexPay has tapped former JP Morgan executive Ray Watson to serve as its senior vice president for channel partnerships.
Launched in 2018, the New York-based Melio provides a free online payment platform designed to help small to medium-sized businesses (SMBs) and their suppliers receive and transfer payments quickly and easily.
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In an interview with PYMNTS last year, Melio Co-Founder and CEO Matan Bar spoke about the need for firms to find a middle ground in the conflict between buyers and suppliers.
“Buyers and sellers in the B2B world, they do not share interests many times,” he said. “There’s a conflict of interest,” Bar said. “A buyer wants to pay as late as possible. However, a vendor wants to receive money as fast as possible. And the interesting thing is that this conflict of interest dictates different payment preferences from each side.”
