Tipalti – a leading global payables automation platform – announced it has raised $150 million in incremental growth financing from JPMorgan Chase Bank and Hercules Capital. The company raised $270 million in Series F funding in 2021, which brought the total funding to more than $550 million. And this latest round of funding will enable Tipalti to invest further in product innovation and supporting its customers.
These transactions soared by 50% in 2022 to a total annualized payments volume of $43 billion and Tipalti’s cloud-based platform automates the entire accounts payable process, thus making it easier for its more than 3,000 mid-market customers to pay suppliers across over 196 countries. With the support from these new partners, Tipalti will be able to help even more companies that need to manage complex payables operations at scale.
The company also announced that 3 new executives have joined its C-suite highlighting the company’s commitment to excellence at every level:
1.) Perla Stoeckert – Chief Compliance Officer – who re-joined Tipalti in March 2023 and has more than 15 years of experience in financial services, including foreign exchange, online payments, funds transfers, and deposit operations. Before Tipalti, Perla served in executive global roles in risk and compliance at OFX, FXCM, and Commonwealth Foreign Exchange (MoneyCorp).
2.) Alice Davidson – General Counsel – joined Tipalti in April 2023 and is a Securities/M&A lawyer by trade with over 15 years of experience, including deep fintech, pay-tech, and crypto expertise. Before Tipalti, Alice was the Chief Legal Officer at Mogo where she provided counsel on acquisitions, investments, financings, and partnerships, and led government relations. Before that, she was an associate at Stikeman Elliott LLP, focused on public M&A, corporate finance, and corporate governance.
3.) Des Cahill – Chief Marketing Officer – joined Tipalti in May 2023 and has spent the majority of his 35-year career helping companies in Silicon Valley B2B SaaS software scale and execute successful exit strategies. And Des most recently served as Global Vice President overseeing product marketing at Oracle and held leadership roles at companies including Kerio Technologies, Ensighten, AOL, HP, and Apple.
This deal also extends the relationship between JPMorgan Chase Bank and Tipalti. And since 2016, JPMorgan Chase Bank has served as one of the three major global banks Tipalti uses to route billions of dollars worth of supplier payments each month on behalf of its customers.
KEY QUOTES:
“Hercules Capital prides itself on being the partner of choice for innovative entrepreneurs and companies and Tipalti not only fits this mold, it breaks it. From the top tier payables automation platform to the pioneering expertise of its executive team, Tipalti is operating from a position of strength and we are pleased to be partnering with the company to support continued growth.”
– Catherine Jhung, Senior Managing Director at Hercules Capital
“Tipalti is seeing tremendous growth as more and more companies adopt our platform to automate their finance operations. It’s a privilege to work with world-renowned leaders like J.P. Morgan and Hercules Capital whose support of Tipalti enables us to accelerate the evolution of our innovative solutions so we can continue to deliver exceptional value to our customers around the globe.”
– Sarah Spoja, CFO of Tipalti
