Tipalti, a global payables platform, has closed on a $30 million Series C financing round led by Zeev Ventures bringing total funding to date at over $50 million.
Tipalti’s cloud-based payables automation platform helps scale payable operations and is an alternative to manual legacy accounts payable processes. Tipalti says it processes over $4 billion in transactions annually across almost 2 million global suppliers.
The Fintech company said it will use the additional funding to help boost its fast-growing customer base.
Chen Amit, CEO and Co-founder of Tipalti, said their “near perfect” record of customer satisfaction are indicative of the value his platform creates for their customers;
“By modernizing the finance operation, we typically automate 80% of an organization’s [accounts payable] and cross-border payments workload, freeing the finance team to focus on mission-critical initiatives, such as scaling their business globally and improving their company’s competitiveness and profitability,” said Amit. “This funding round enables us to continue our track record of innovation to transform the entire accounts payable operation.”
Oren Zeev, the Founding Partner of Zeev Ventures and Chairman and Co-founder of Tipalti, said it was an easy decision to invest in Tipalti as they are changing the way B2B payments are being completed.
“When you talk to Tipalti’s clients like Amazon, GoDaddy, Indeed, Roku, and Twitter, or read the company’s 5-star reviews, the consensus is that businesses around the globe love using Tipalti to drive their AP transformation and support their growth.”
Zeev said Tipalti is extremely well positioned to take advantage of this shift to Fintech services and the company has only scratched the surface of what we believe is a $90B global market.