Tipalti

Last updated
Tipalti
Company type International money transfer, accounts payable
Founded2010
Headquarters Foster City, California, United States
Key people
Chen Amit
(CEO/Co-Founder)
Oren Zeev
(Chairman/Co-Founder)
Dovi Frances
(Board Member)
Carl Pascarella
(Board Member)

Tipalti is an American accounting software financial technology business that provides accounts payable, procurement and global payments automation software for businesses. [1] [2] [3] Tipalti is headquartered in Foster City, CA , with offices in London UK, Vancouver Canada, Toronto Canada, Amsterdam Netherlands, Plano Texas, and R&D in Glil-Yam Israel. [4] [5]

Contents

History

Tipalti was founded in 2010 by Chen Amit and Oren Zeev and launched its first payment product in 2011. [6] [7] [8] [9] The company is a licensed money transmitter in every state that requires it in the United States, including California, [10] New York, and Texas. [11] Tipalti also has an FCA-approved electronic money (E-money) license to provide payment services for companies based in the United Kingdom.

In 2014, the company released a supplier portal component to enable Accounts Payable departments to automate payments to suppliers, vendors, and independent contractors. [12] [13]

In October 2014, Tipalti's CEO Chen Amit stated that the company was processing payments to approximately 300,000 payees and between $1 billion to $1.5 billion annually in payments. [5] [14]

In February 2018, the company announced support for multi-subsidiary AP management and purchase order matching as part of its invoice processing functionality. [15]

In August 2018, Tipalti announced that its platform processed $5 billion in payments annually and served over 3,000,000 payees. [16]

In October 2018, the company announced an integration with QuickBooks Online. [17]

In February 2019, Tipalti announced that they now process over $6.5 billion in annual transactions for more than 4 million suppliers, the hiring of 2 additional executives, and that they doubled new business growth between July 1 and December 31, 2018, relative to the same period in 2017.

On February 26, 2019, Tipalti announced the launch of the Tipalti Multi-FX service, to help finance teams manage FX currency conversion across over 30 currencies.[ citation needed ]

In August 2019, Tipalti announced that they had surpassed $8 billion in annual transactions processed through their platform, while making the Inc. 5000 list for the second consecutive year and increasing bookings in first half 2019 by 250% relative to first half 2018. [18]

On January 22, 2020, Tipalti announced that it will be opening offices in Vancouver, B.C., Canada. This is the third global office for Tipalti, joining existing locations in San Mateo, California and Kibbutz Glil-Yam, Israel. [19]

On February 19, 2020, Tipalti announced that it had surpassed $10 billion in annual transactions. This achievement coincides with Tipalti exceeding 900 customers, once again doubling new customer bookings in 2019. Tipalti also added 65 new team members during the second half of 2019 with 240 employed as of Jan 1, 2020. [20]

On July 14, 2020, Tipalti announced that it had surpassed $11 billion in annual transactions. This achievement coincides with Tipalti exceeding 1,000 customers, while growing over 80% relative to first half 2019. Tipalti also added over 50 new team members, reaching over 300 employees, during the first half of 2020 and said it planned to hire an additional 100 by the end of 2020. [21]

On January 26, 2021 Tipalti announced that it had been named a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Midmarket Accounts Payable Applications 2020-2021 Vendor Assessment report. [22]

On February 24, 2021, Tipalti announced that it grew revenue by more than 85% and increased annualized transactions to more than $18 Billion. [23]

On April 12, 2021, Tipalti announced its acquisition of Approve.com, a cloud procurement solutions[ buzzword ] provider, to expand its portfolio of financial operations offerings. [24]

On July 14, 2021, Tipalti announced it increased its revenue by 83% in the first half of 2021 compared to the same period in 2020. It also surpassed its annualized transaction volume to $23 billion. The company also announced the hiring of Paco Suro from Shopify and Twitter to lead its platform economy business as general manager. [25]

On December 8, 2021, Tipalti announced a $270-million Series F round of funding, with a valuation of $8.3 billion. It also announced that it reached $30 billion in annualized transaction volume. [26]

On February 23, 2022, Tipalti announced that it had surpassed $36 billion in annual transactions with 100% year-over-year payment volume growth. [27]

On September 14, 2022, Tipalti announced that it has introduced the Tipalti Card for its customers' corporate spend. The company says that the card enables automatic credit card reconciliation, while allowing customers to manage cards alongside their other supplier payment methods in one place. [28]

On September 15, 2022, Tipalti announced that it had surpassed 2,500 customers and 1,000 employees. The company also opened new offices in the Netherlands to serve the mainland Europe market. Robert Israch was promoted from CMO / GM Europe to President. Todd McGuire was promoted to Chief Human Resources Officer. Paul Henderson, formerly Tipalti's Global Controller, was appointed Chief Accounting Officer. [29]

On March 1, 2023, Tipalti announced it grew its overall customer base to more than 3,000 while achieving a 98% customer retention rate for the fifth year in a row, helping total transactions to soar by 50% for a total payments volume of $43 billion. In 2022, the company was named to the Inc. 5000 list and Deloitte Fast 500 list for the fifth consecutive year, and was also awarded the “Top-Rated Accounts Payable Software” by TrustRadius; named to its first-ever “MES Matters: Key Vendors Serving the Midmarket” list; and received recognition as Spend Matters’ "50 to Know” for the third consecutive year.

On May 15, 2023, Tipalti announced it raised $150 million in incremental growth financing from JPMorgan Chase Bank and Hercules Capital, Inc. (NYSE: HTGC), to further invest in product innovation and support of its customers to ensure the best product and services to help them scale and automate their payables processes and operations. In addition to the fundraising round, Tipalti announced the additions of three individuals to its leadership team: Des Cahill, Chief Marketing Officer; Perla Stoeckert, Chief Compliance Officer; and Alice Davidson, General Counsel.

On September 19, 2023, Tipalti announced the launch of a fully localized solution for the European market, along with a recently granted Electronic Money Institution (EMI) license from De Nederlandsche Bank (DNB). Building on its success in the UK, the new localized offering and license enables Tipalti to offer a full spectrum of payment solutions and capabilities to more businesses across Europe.

On September 21, 2023, Tipalti announced the general availability of Tipalti Expenses, a comprehensive solution for automating and managing employee spending and reimbursements globally at its third-annual Illuminate conference. The expense management solution seamlessly integrates with Tipalti’s platform, which automates AP, procurement, cards and mass global payments to improve financial visibility and reduce errors and fraud. Additionally, Tipalti announced the physical version of Tipalti Card for the US, giving users the choice of physical or virtual credit and debit cards.

On October 19, 2023, Tipalti reported it processed more than $50B in payments volume annually and increased its global customer base to more than 3,500—a 41% YoY growth. Tipalti reported its Alliances Program has seen rapid expansion since its inception in 2019, delivering 300% YoY channel business growth. The company added over 50 new partners in the first half of 2023, dramatically growing Tipalti’s global distribution and implementation reach.

In 2023, Tipalti celebrated its inclusion on both the Inc. 5000 list and Deloitte Technology Fast 500 list for the sixth consecutive year, was named to Spend Matters’ ‘50 Providers to Know’ for the fourth consecutive year and was named to CNBC’s inaugural “World’s Top Fintech Companies” list. Tipalti was also recognized as the Gold Winner of the 2023 Merit Awards for Technology, a "Best SaaS Product For Financial Services" finalist for the 2023 SaaS Awards and the Gold Winner for the 2023 Globee Awards for American Business. Tipalti was selected as a finalist for TrustRadius’ 2023 Winter Award in Accounts Payable in three categories—Best Relationship, Best Value for Price and Best Feature Set—and was also selected as a finalist for TrustRadius' 'Best Of' Awards in three categories—Best Feature Set, Best Value for the Price and Best Relationship. The company was also cited as a “Best in Class” vendor in Aite’s January 2023 report, “Aite Matrix: Accounts Payable Automation Solutions.”

Funding

Tipalti has raised around $550 million in total funding, with a valuation of $8.3 billion.

Funding Rounds
SeriesDateAmountLead Investors
A2010$3 million
B2014$9 millionWicklow Capital, Group 11
B-12016$14 millionGroup 11
C2018$30 millionZeev Ventures
D2019$76 millionZeev Ventures, Group 11, 01 Advisors, Greenspring Associates
E2020$150 millionDurable Capital, Greenoaks Capital, 01 Advisors, Group 11
F2021$270 millionG Squared, Marshall Wace, Counterpoint Global

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