Global Payables Platform Tipalti announced on Tuesday it surpassed $6.5 billion in annual transactions. The company reported that this milestone was reached as it has more than doubled new customer and business bookings in the second half of 2018 compared to the second half of 2017 and maintained best-in-class customer retention rates of more than 98%.
Founded in 2010, Tipalti claims it is the only supplier payments automation solution to streamline all phases of the AP and payment management workflow in one holistic cloud platform. The company stated:
“Tipalti makes it painless for accounts payable departments to manage their entire supplier payments operation. The solution addresses everything from supplier onboarding and vetting, to tax and regulatory compliance, invoice processing, payments to suppliers anywhere in the world in a wide range of payment methods and currencies, supplier payment status communications, to closing the loop with payment reconciliation and reporting.”
Tipalti also reported that it has appointed Todd McGuire as GM of Supplier Success and Perla Skoeckert as Chief Compliance. Speaking about the latest milestone and new team members, Chen Amit, CEO and CO-Founder of Tipalti, added:
“We’re excited to continue developing our strong team during this aggressive growth period. We are proud of our leadership position in the global payables automation market, which is transforming the traditional accounts payable functions into lean operational centers of excellence for financial organizations looking to scale and expand globally. This is crucial for high-growth businesses that need to eliminate financial operations complexity, so they can focus their talent on accelerating innovation and competitiveness.”