Global payables solutions developer, Tipalti, announced last week it has raised $270 million in series F funding at a valuation of $8.3 billion, bringing total funding raised to date to just over $550 million. The company will use the funding to accelerate its product roadmap and customer operations, as well as expand globally to transform global financial operations for high-velocity customers.
“This latest investment will enable Tipalti to add more to our product lines and capabilities in the next 18 months than we have over the past 10 years combined,” said Chen Amit, co-founder and CEO of Tipalti. “We are on a journey to transform financial operations, relieve finance leaders from those mundane, cumbersome, risky tasks, and elevate the financial capabilities for high velocity organizations to rival those of the Fortune 5000.”
In the U.S. alone, mid-market companies, defined as those with revenues between $10 million and $1 billion, account for more than one-third of employment and about 40% of GDP. The challenges brought about over the last two years with COVID-19 and other macro changes have also accelerated the transformation in how companies are managing financial operations.
A recent Tipalti survey found that 99% of CFOs said that their jobs became more complex over the past two years, and almost one-third of CFOs noted that international expansion was an area of increased responsibilities -- a shift confirmed by 20% of CEOs who indicated global growth as a top priority for their CFOs. However, when CFOs are manually managing financial operations, they lack critical resources and time that could otherwise be spent on scaling and executing strategic initiatives.
Established Israel, the company’s name is Hebrew for “I handled it”. The company handles both Accounts Payable and Mass Pay workflows for high-velocity companies across the entire financial operations cycle, and currently processes over $30 billion in total annual payments volume.
This year alone, the company launched enhanced capabilities, and also passed the 2,000-customer mark, opened new offices in London, Toronto and Texas, and has grown to over 700 employees worldwide.Thousands of companies, such as Amazon Twitch, GoDaddy, Roku, Wordpress.com, and ZipRecruiter use the company’s platform.