Israeli payment automation solution developer Tipalti today announced that 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, and will help Tipalti widen its innovation edge and position as the pacesetter in the accounts payable automation space.
With offices in Herzliya and Palo Alto, California, the company was founded by chairman Oren Zeev, who is Zeev Ventures founding partner, and CEO Chen Amit. Tipalti means "I've dealt with it", in Hebrew.
Amit said, “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 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.
Zeev said, “Tipalti is really changing the way B2B payments are being done, helping companies manage their cross-border payment, supplier, and compliance operations. 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. 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 over $20 trillion in global B2B payments.”
Amit added, “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.”
Published by Globes [online], Israel business news - www.globes-online.com - on February 13, 2018
© Copyright of Globes Publisher Itonut (1983) Ltd. 2018