U.S.-based B2B fintech Tipalti announced on Tuesday it secured $150 million through its Series E funding round, which was led by Durable Capital Partners with participation from Greenoaks Capital and participation from current investor 01 Advisors. The investment round reportedly brought the company’s valuation to more than $2 billion.
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.”
Tipalti further revealed it will use this additional funding to double-down on its product roadmap, accelerate its growth path, extend its global presence, and increase its market-leading position as the preferred solution for high-velocity companies across the globe. While speaking about the investment round, Chen Amit, CEO and Co-Founder of Tipalti, stated:
“This new round of investment will allow us to further accelerate our innovation edge as a leader in the payables automation space and expands our solution to the larger market. Tipalti is clearly needed and this enables us to be ready for all that demand.”
Tipalti added that so far in 2020, it has surpassed $12 billion in annual transaction volume and ended Q2 2020 at an over 80% growth rate relative to where the company finished in Q2 2019. The company also passed the 1,000-customer mark, opened its third office in Vancouver, B.C., Canada, and now has over 350 employees globally.