Tipalti, an international payables automation firm, has unveiled its latest innovations – which includes the integration of its current Procurement and Payables service and a corporate payment card at Illuminate, its inaugural user conference, in order to assist high-velocity firms with controlling costs and enhancing their spend visibility.
Tipalti also announced its global expansion plans, with the launch of a streamlined solution for UK-based companies as well as the opening of their European head offices in London as their first location.
“With the addition of the integrated procurement and payables solution and corporate payment card, we are thrilled to extend the value we could provide to finance leaders at high-velocity companies, to make their lives easier, and to allow them to operate more efficiently, safely, and at an elevated level,” stated Chen Amit, Co-founder and CEO at Tipalti.
“We are also excited to introduce our UK-tailored solution to finance leaders in the market, as there’s a clear need and benefit for Tipalti’s technology in the region and our first step into Europe. In the next 18 months, we will invest more in enhancing our product offering than we did in our previous 10 years combined.”
Integrated procurement and payables solution
After the acquisition of Approve, a Cloud procurement solution, the Tipalti Approve procurement solution has been successfully integrated with the Tipalti accounts payable product offering, which offers an intuitive experience from requisition to purchase order creation to payment and reconciliation. The announcement also mentioned that the solution “creates a single, closed-loop, all-digital process to support purchase requisition and purchase orders.” This “improves visibility and control over spending,” the update noted.
Gain control of maverick spend with the Tipalti card
The corporate payment card offers spend controls across companies departments and budgets. The Tipalti card will “provide seamless reconciliation and receipt management on all card activity.”
At first, it will be provided in a virtual format that will “link card purchases to Tipalti to track company expenses and have real-time transaction authorization (tied to specific vendors) to reduce fraud and increase spend controls, while also linking to purchase requisitions,” the announcement explained while adding that the card is “expected to launch in 2022.”
As stated in the release:
“Tipalti’s card product will be headed by Cards GM Nir Dremer, formerly the head of Stripe Atlas. Under Nir’s leadership, Atlas grew from an early alpha-phase product to one that captured more than 40% in market share within an emerging space of digital companies.”
“The promise that finance teams can manage spending while ensuring the flexibility needed to keep all employees happy and productive is tremendous,” added Dremer.
Dremer further noted that Tipalti’s “approach to payment cards ensures that every transaction can be easily preauthorized and accounted for—yet also offers frictionless convenience for corporate buyers.”
As confirmed in the update, Tipalti is expanding into Europe “with the opening of a European headquarters in London – delivering the UK’s first solution that automates the entire accounts payable (AP) process, while also executing global payments.”
Tipalti’s Cloud-powered solution has been “fully localized for UK businesses as they continue to grapple with the challenges brought about by the pandemic and Brexit.”
Tipalti is launching at “a critical time to allow finance teams to step away from manual financial operations, and focus on strategic initiatives to help businesses survive and thrive.”
Tipalti Europe, which has established offices in central London, will aim to “create 200+ UK jobs over the next three years, with over 40 hires across engineering, sales, customer success, compliance, and more filled by the end of 2021,” the announcement revealed.
It has currently gained over 50 customers. Adding the UK-based subsidiary to the Tipalti group allows it “to focus on the market and expand its solutions, including regulated payment services, before expanding to other countries in Europe,” the update noted.
Rob Israch, GM at Europe at Tipalti, remarked:
“There’s a clear need and benefit for Tipalti’s technology in the UK. We know the strong desire for businesses in the market to scale, in fact almost a third (28%) of UK CEOs said international growth is a top priority in 2021 and beyond.”