BILL Holdings, Inc. (NYSE:BILL) is in advanced talks to acquire Melio Payments Inc., people with knowledge of the matter said. San Jose, California-based Bill is putting the final touches on a cash-and-stock deal for Melio that could be announced as soon as this week, according to one of the people. The transaction values Melio at $1.95 billion, the person said.

The company's valuation hit $4 billion in 2021 after it raised $250 million in an investment round co-led by Thrive Capital and General Catalyst.