Payables Automation Fintech Tipalti Reports 83% Revenue Growth, Plans to Expand Operations by Recruiting New Talent

Tipalti, an established payables automation firm, reportedly grew its revenue by 83% during H1 2021 when compared to H1 2020.

Tipalti reports that it maintained its steady growth, exceeding $23 billion in annualized transactions in H1 2021, up considerably from $18 billion in H1 2020 and 115% from the first half of 2020. Tipalti also reports over 1,500 active clients.

Tipalti further revealed that it hired 191 workers across the globe for the first half of this year, bringing the total number of employees to almost 600. The firm intends to recruit more than 200 additional professionals in H2 2021.

Tipalti appointed payments professional Paco Suro as the firm’s new General Manager of its Mass Pay division. Paco brings extensive industry experience from his previous positions working at Shopify, where he was in charge of their “Money” business and had also been appointed as the Head of Payments and Financial Operations for Twitter.

Paco also brings valuable leadership and change management experience, as well as digital economy knowledge and global payments expertise. He’s also an experienced leader in finance and treasury, and has prior knowledge as a user of Tipalti.

Paco will be responsible for leading Tipalti’s Mass Payment (MP) unit, which covers the gig economy, online marketplaces, Internet, Adtech, gaming, and the nascent creator economy sectors.

Clients that have joined the Tipalti platform this year include: Hootsuite, Tempus Labs, Deliverr, Brookfield Asset Management, BARE International, VTS, ONErpm, Sezzle, and Hopin. The payables automation provider also entered strategic partnerships with Donnelley Financial Solutions (DFIN) and Integrated Data Technology (IDT).

Roger Hoyte, President and CTO, IDT, stated:

“With business getting more complex and specialized, it was important that we at IDT choose a partner that has a scalable platform in delivering accounts payable automation. A platform that serves and integrates with just about every type of business and ERP solution—that’s where Tipalti shines.”

In April 2021, Tipalti confirmed its acquisition of Approve.com, a Cloud-based procurement services provider, in order to further expand its portfolio of financial operations solutions.

In June 2021, Tipalti revealed new capabilities with improved Tipalti Multi-Entity and Multi-FX offerings that make it more convenient for firms with international subsidiaries to manage their accounts payable data and processes at the entity level. Firms are also able to simplify foreign exchange and currency management activities.

Chen Amit, CEO and Co-founder of Tipalti, remarked:

“Our continued growth across the entire business is a clear indicator that high-velocity businesses are prioritizing the digitization of their finance operations, and we are proud to support our customers by automating the entire payables cycle, from procurement through to payment. With Tipalti’s leadership position in the Mass Pay space, we are very excited to have Paco Suro join our team to help accelerate our innovation within this critical segment.”

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