Tipalti, the global finance automation platform, today reported remarkable momentum in the first half of 2023, processing more than $50B in payments volume annually.
The company increased its global customer base “to more than 3,500 — a 41% YoY growth — including the additions of Jitterbit, Access Genetics, Ingenio and Spitfire Audio to solidify its position as a leader in the global financial technology sector.”
Recently, Tipalti announced a slew of new products and enhanced capabilities, “supported by its $150 million raise in incremental growth funding led by JPMorgan Chase Bank and Hercules Capital earlier this year.”
Additionally, the company announced “the general availability of Tipalti Expenses, a comprehensive solution for automating and managing employee spending and reimbursements globally, to round out its suite of product offerings.”
Tipalti Expenses seamlessly “integrates with Tipalti’s platform, which automates AP, mass global payments, procurement and cards, to improve financial visibility and reduce errors and fraud.”
In July, Tipalti released the physical version of Tipalti Card “for U.S. users, the counterpart to its virtual card announced at last year’s Illuminate, which will also integrate with Tipalti Expenses.”
Since entering the European market in 2021, the company has “continued solidifying its global presence, signing over 250 customers across Europe and contributing to one-third of Tipalti’s growing partner ecosystem.”
One of the U.K.’s newest customers, Spitfire Audio, a music technology company “creating virtual instrument sample libraries for music production, expressed the need to invest in finance automation to scale the company and increase efficiency.”
Shahid Khalid, Head of Finance at Spitfire Audio, said:
“When you’re a growing business, you always have to consider the long-term benefit. To manage our increasing amount of transactions, we either had to hire more people or invest in an automation tool. Tipalti was the perfect solution for us. We’ve been able to automate the process of disbursing royalties, simplify our operations and provide expert support without any interruptions. Now, we can focus on delivering exceptional music instead of managing complex payment logistics.”
Last month, Tipalti announced the launch of “a fully localized solution for the European market and was recently granted an Electronic Money Institution (EMI) license from De Nederlandsche Bank (DNB), allowing Tipalti to offer a full spectrum of payment solutions and capabilities to more businesses across key European markets.”
These are key stepping stones “with expectations that the continent will bring in at least 20% of the company’s new business by the end of 2024.”
Contributing to the company’s overall momentum is Tipalti’s Alliances Program, which has seen a rapid expansion “since its inception in 2019, delivering 300% YoY channel business growth.”
The Alliance Program “consists of over 570 partners worldwide, adding more than 50 new partners in the first half of this year, including two of the top 20 accounting firms in the U.S., RSM and Eide Bailly.”