23 Feb 2018 Tipalti secure a further $30 million to secure its position in the AP automation space
Tipalti have announced it has closed a $30 million Series C financing round led by Zeev Ventures. This brings the B2B fintech leader’s total funding to over $50 million. The investment is designed to help Tipalti widen its innovation edge and position as the pacesetter in the accounts payable automation space.
Chen Amit, CEO and Co-founder of Tipalti is quoted in the press release announcing the deal: “Tipalti’s near-perfect record of customer satisfaction and retention rates throughout our history are emblematic of how much value our service generates for our clients. By modernizing the finance operation, we typically automate 80% of an organization’s AP and cross-border payments workload, freeing the finance team to focus on mission-critical initiatives, such as scaling their business globally and improving their company’s competitiveness and profitability. This funding round enables us to continue our track record of innovation to transform the entire accounts payable operation.”
Tipalti’s cloud-based payables automation platform helps modern CFOs scale payable operations for rapid and global growth by eliminating the risks and inefficiencies caused by complex, manual legacy accounts payable processes. Tipalti already processes over $4 billion in transactions annually across almost 2 million global suppliers. The fintech company will use the additional funding to help its fast-growing customer base modernize their AP operations: accelerating Tipalti’s product innovation and leadership position, while maintaining its industry-leading customer satisfaction and retention record.
“It was a relatively easy decision to continue investing in Tipalti. It is extremely rare to have the opportunity to invest in a category leader. Tipalti is really changing the way B2B payments are being done, helping companies manage their cross-border payment, supplier, and compliance operations,” says Oren Zeev, the Founding Partner of Zeev Ventures and Chairman and Co-founder of Tipalti. “When you talk to Tipalti’s clients like Amazon, GoDaddy, Indeed, Roku, and Twitter, or read the company’s 5-star reviews, the consensus is that businesses around the globe love using Tipalti to drive their AP transformation and support their growth.”
“Tipalti’s success comes from its vision and team, recognizing how financial technology can be used to solve what was once an unsolvable scalability and compliance issue,” continues Oren, who was recently named one of the world’s top investors by Forbes. “It is quite clear that it’s time for the payables operation to take advantage of automation. Organizations should not be running finance operations manually, but rather automate this workflow to reduce short and long-term risk and costs and ultimately free resources for high value initiatives. Tipalti is extremely well positioned to take advantage of this movement. Tipalti has only scratched the surface of what we’ve determined to be a $90 billion global market.”
Amit again: “As organizations mature, accelerate growth, and go global, manual payments and accounts payables processes no longer scale. There is simply no way that the CFO of the future will continue spending a huge proportion of their team’s time and resources manually managing B2B payment operations, introducing risk into their organization at every step along the way. This is the problem that Tipalti uniquely solves, and our dedication to transforming AP is what will fuel our ongoing success.”