Global payables platform Tipalti announced on Wednesday it has surpassed $10 billion in annual transactions. The company reported the news coincides with it exceeding 900 customers, once again doubling new customer bookings in 2019. Tipalti also added 65 new team members during the second half of 2019 with 240 employed as of January 1st.
Speaking about the milestone, Chen Amit, CEO and Co-Founder of Tipalti, stated:
“2019 was a landmark year for Tipalti’s growth, and further solidifies us as the choice payables solution for fast-growing and mid-sized businesses seeking to scale and future-proof financial operations. 2020 promises to be a continuation as we expand operations and bring even greater innovation to the payables automation space.”
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.
“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.”
The latest milestone comes less than six months after Tipalti secured an additional $76 million through its Series D funding round, which was led by Zeev Ventures with participation from 01 Advisors (a fund founded by Twitter’s former CEO and COO) and Greenspring Associates. At the time, Chen shared:
“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.”