Tipalti: $270 Million Series F Funding And $8.3 Billion Valuation

By Amit Chowdhry ● Dec 22, 2021
  • Tipalti — a leading global payables solution — announced recently that it has raised $270 million in series F funding. These are the details.

Tipalti — a leading global payables solution — announced recently that it has raised $270 million in series F funding at a valuation of $8.3 billion, bringing the total funding raised to date to just over $550 million and placing Tipalti among the most valuable private fintech companies in the world. Tipalti plans to use the funding to accelerate its product roadmap and customer operations, as well as expand globally to transform global financial operations for high-velocity customers.

Led by G Squared, the Series F round also includes significant investments from new investors Marshall Wace and funds and accounts managed by Counterpoint Global (Morgan Stanley) along with current investors Zeev Ventures, Durable Capital Partners, 01 Advisors, and others.

In the U.S. alone, mid-market companies – defined as those with revenues between $10 million and $1 billion – account for more than one-third of employment and about 40% of GDP. And the challenges brought about over the last two years with COVID-19 and other macro changes have also accelerated the transformation in how companies are managing financial operations.

A recent Tipalti survey had found that 99% of CFOs said that their jobs became more complex over the past 2 years, and almost one-third of CFOs noted that international expansion was an area of increased responsibilities — a shift confirmed by 20% of CEOs who indicated global growth as a top priority for their CFOs. But when CFOs are manually managing financial operations, they lack critical resources and time that could otherwise be spent on scaling and executing strategic initiatives.

Tipalti currently processes more than $30 billion in total annual payments volume — growing 120% year over year. And last October, the company announced a Series E round — $150 million at a $2 billion valuation.

This year the company launched enhanced capabilities, including the acquisition and integration of cloud procurement solutions provider Approve.com, enhanced multi-entity AP capabilities, cards, mobile, and added new integrations with complementary financial tech stack providers. Plus Tipalti also passed the 2,000-customer mark, opened new offices in London, U.K.; Plano, Texas; and Toronto, Ontario, and has grown to over 700 employees worldwide. Tipalti ranked on both the 2021 Inc. 5000 list of fastest-growing companies in the U.S. and the Deloitte Fast 500 for the fourth consecutive year, won Best Accounts Payable Software 2021 by TrustRadius, and was named a Worldwide Leader by IDC Marketscape in Midmarket Accounts Payable Automation.

KEY QUOTES:

“This latest investment will enable Tipalti to add more to our product lines and capabilities in the next 18 months than we have over the past 10 years combined. We are on a journey to transform financial operations, relieve finance leaders from those mundane, cumbersome, risky tasks, and elevate the financial capabilities for high-velocity organizations to rival those of the Fortune 5000.”

— Chen Amit, co-founder and CEO of Tipalti

“We believe Tipalti is reshaping how businesses manage their financial operations, and their growth and industry-leading retention rates are evidence that they are on a mission to solve important challenges for their customers. The company’s differentiated solutions, combined with their strategic vision and ability to execute, position Tipalti as a true disruptor in the global payables landscape. We see a huge opportunity in the target market that is largely underserved currently and look forward to working together with Tipalti.”

— Larry Aschebrook, founder and managing partner, G Squared