B2B fintech Tipalti raises $150M for its payables automation solution
Israeli company Tipalti announced the closing of a $150 million Series E round at a valuation of over $2 billion. The leading investor was a Washington-based VC firm Durable CapitalPartners. Greenoaks Capital and existing investor 01 Advisors also joined the round, reports NoCamels
Founded in 2011 by Zeev and Chen Amit, Tipalti is a B2B fintech company that provides a single cloud platform to help companies to manage suppliers, invoices, purchase orders, tax compliance, payments, billing, and other accounting services.
According to the recent survey of Tipalti and Censuswideresearch company, manual financial operations are the most time and resource consuming. 47% of finance organizations in the USA still spend around 520 hours per year on manual accounts payable tasks. Besides, AP operations increase risk of fraud, tax, regulatory and audit penalties for companies. Tipalti global payables automation solution is aimed to solve these problems.
This year the company passed the 1,000-customer mark and opened its third office in Vancouver, Canada. Tipalti already has offices in Israel and San Mateo, the USA, and such companies, as Twitter, GoDaddy, Fiverr, GoPro, Foursquare, and Vimeo among its clients.
«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,» said Chen Amit, the current CEO of Tipalti.