In the first half of 2019, Tipalti has maintained a 98 percent customer satisfaction rating and doubled new buyer and business bookings and surpassed 8 billion USD in annual transactions.
FREMONT, CA: One of the best payables automation solutions Tipalti has announced it successfully raised an additional $76 million. Zeev Ventures led the D-round, and it also includes a follow-on investment from Group 11 (f.k.a. SGVC) and participation from two new investors: 01 Advisors (a fund founded by Twitter’s former CEO and COO) and Greenspring Associates.
This additional funding will continue to set the velocity for innovation in the payables automation space. It will also solidify Tipalti as one of the leading solutions for fast-growing and mid-sized companies across the world. The company will expand by adding new offices in North America and Europe. It will also fuel its growth through an increased developer, sales, customer success, and business development headcount, marketing investments.
The automation technology of Tipalti’s payables targets fast-growing mid-market companies who have traditionally been underserved by banks. The solutions provided by the organization aids them with the capacity to scale effectively and quickly, getting to the services that are generally just accessible to enormous ventures. Tipalti offers these companies access to cross border payments, currency conversion, and payments across a wide range of methods. In this manner, the company streamlines and optimizes businesses’ and end-to-end global payables workflow.
“As companies mature and growth accelerates, manual accounts payable processes are no longer an option. This is where Tipalti comes in and this new round of investment will help us widen our innovation edge as the pace-setter in the payables automation space,” said Chen Amit, CEO and Co-founder of Tipalti.
As per the 2019 Levvel Research Accounts Payable Survey, midmarket associations have an average of 9.8 full-time accounts payable workers. Tipalti offers a dramatic opportunity for fast-growing businesses to better invest in their organizations by reappropriating 80 percent of that function’s workload
The company has doubled new customer and business bookings in the first half of 2019. It has also exceeded eight billion USD in annual transactions. Tipalti has designated Sam Barakat as Tipalti’s Chief Revenue Officer to help accelerate this growth. Sam Barakat was earlier working for Blackline, a leading provider of financial close process software solutions.