US-Israeli payables solution provider Tipalti has secured US$270 million in a Series F round.
The round values the fintech unicorn at US $8.3 billion, with its total funding pool now standing at over US$550 million, the statement said. The funding will enable the company to accelerate its product roadmap and customer operations, and expand globally.
The round was led by G Squared, with participation from new investors Marshall Wace and funds and accounts managed by Counterpoint Global (Morgan Stanley). Existing backers Zeev Ventures, Durable Capital Partners, and 01 Advisors also participated, among others, the statement said.
Chen Amit
“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.
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 organisations to rival those of the Fortune 5000,”
said Chen Amit, co-founder and CEO of Tipalti.
Tipalti was previously valued at US$2 billion
Founded in 2020, Tipalti provides a cloud payables automation solution that helps to streamline accounts payables and payment management workflows. The end-to-end cloud solution includes supplier onboarding and vetting, tax and regulatory compliance, invoice processing, global payments, supplier payment status communications, and reconciliation and reporting.
The company processes over US$30 billion in total annual payments volume, the statement said. This represents a growth of 120% year over year. Tipalti has over 2000 customers, with offices in the UK, Texas and Ontario.
It had previously raised US$150 million in a Series E round last year, taking its valuation to US$2 billion. The round was led by Durable Capital Partners, which also participated in the Series F round. The Series E also saw participation from Greenoaks Capital and 01 Advisors.
Featured image: Unsplash (edited)
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