Global payables platform Tipalti announced on Wednesday it has surpassed $11 billion in annual transactions. Tipalti reported that despite the economic headwinds caused by the COVID-19 pandemic, it has continued to achieve high growth, ending the second quarter of 2020 at an over 80% growth rate relative to where the company finished in the second quarter of 2019.
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 claims:
“Tipalti 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.”
Speaking about the milestone, Chen Amit, CEO and Co-Founder of Tipalti, stated that the past six months have been a rapid growth period for the company as finance leaders at “high-velocity” companies continue to the Tipalti automated payables solution to help scale business.
“It’s clear that automation and modernizing accounts payable is strategically vital for CFOs and controllers to meet their business goals, which is why we continue to see traction as we support the long-term success of their organizations.”
Tipalti went on to add that in the first half of 2020, it opened its third location with their Vancouver, B.C., Canada office; launched its Tipalti Pi solution, which leverages AI and machine learning to improve decision making around payables; and introduced a new initiative to help guilds, nonprofits, and trade groups make payments quickly to members during COVID-19.