- Leading global payables automation solution Tipalti announced it raised an additional $76 million round of funding
Tipalti — a leading global payables automation solution — announced it has raised an additional $76 million. This Series D round of funding was led by Zeev Ventures and includes a follow-on investment from Group 11 and participation from two investors 01 Advisors (a fund founded by former Twitter CEO Dick Costolo and COO Adam Bain) and Greenspring Associates.
Tipalti is considered the only payables automation solution to streamline all phases of the global accounts payable workflow in one holistic cloud platform. And Tipalti makes it painless for finance departments to manage their entire AP and supplier payments operation. A number of leading companies use Tipalti to eliminate up to 80% of their supplier payments workload so that they can scale their business efficiently with global growth while strengthening financial and tax compliance controls. Some of these companies include Roku, Zumba, Twitter, GoDaddy, Zola, Twitch, GoPro, Foursquare, and Vimeo.
And Tipalti plans to use this additional funding to continue setting the pace for innovation in the payables automation space and solidify itself as the leading solution for fast-growing and mid-sized companies across the globe.
This round of funding will be used for fueling growth through increased developer, customer success, sales, and business development headcount, and marketing investments while adding new offices in North America and Europe.
“As companies mature and growth accelerates, manual accounts payable processes are no longer an option. This is where Tipalti comes in and this new round of investment will help us widen our innovation edge as the pace-setter in the payables automation space,” said Chen Amit, the CEO and co-founder of Tipalti.
Tipalti’s payables automation technology is designed for fast-growing mid-market companies, which have traditionally been underserved by banks. And by leveling the playing field, the solution provides them with the ability to scale efficiently and rapidly thus accessing the services that are otherwise only available to large enterprises.
“While at Twitter, we chose Tipalti and they played a pivotal role in enabling us to scale and grow. Tipalti’s platform was crucial in helping us manage payments to thousands of our publishers and partners around the world with ease, while delivering a flawless experience,” added Costolo. “Investing in Tipalti allows us to help bring the same benefits we experienced as operators to the thousands of companies that need this support.”
Tipalti streamlines and optimizes the end-to-end global payables workflow for businesses while giving these companies access to cross border payments, currency conversion, and payments across a wide range of methods.
“It’s well-established that accounts payable is the number one most time-consuming and laborious function in finance today, and for fast-growing businesses, manual AP can impede growth and scalability,” explained Oren Zeev, the Founding Partner of Zeev Ventures. “Tipalti has always been ahead of the innovation curve and this additional funding will allow it to advance its vision of transforming AP and financial operations and making it a ubiquitous solution.”
For the first half of 2019, Tipalti more than doubled new customer and business bookings and surpassed $8 billion in annual transactions while maintaining a 98% customer satisfaction rating. And to help accelerate this growth, Tipalti appointed Wissam (Sam) Barakat as Chief Revenue Officer. Sam Barakat joins Tipalti from Blackline, which is a leading provider of financial close process software solutions where he built and led its midmarket division.
