 | |
| Company type | International money transfer, accounts payable |
|---|---|
| Founded | 2010 |
| 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]
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Modernize Your Procurement Operations
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IOFM's Virtual Demo Day with Tipalti
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Introducing Our Company Future Vision
Transcription
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 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. [24]
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. [25]
On February 23, 2022, Tipalti announced that it had surpassed $36 billion in annual transactions with 100% year-over-year payment volume growth.[26]
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.[27]
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.[28]
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). 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 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.[citation needed]
Funding
Tipalti has raised around $550 million in total funding, with a valuation of $8.3 billion.
| Series | Date | Amount | Lead Investors |
|---|---|---|---|
| A | 2010 | $3 million | |
| B | 2014 | $9 million | Wicklow Capital, Group 11 |
| B-1 | 2016 | $14 million | Group 11 |
| C | 2018 | $30 million | Zeev Ventures |
| D | 2019 | $76 million | Zeev Ventures, Group 11, 01 Advisors, Greenspring Associates |
| E | 2020 | $150 million | Durable Capital, Greenoaks Capital, 01 Advisors, Group 11 |
| F | 2021 | $270 million | G Squared, Marshall Wace, Counterpoint Global |
References
- ^ Boitnott, John (June 19, 2015). "8 Ways Financial Technology Will Evolve in 2016". Inc.com.
- ^ Marquit, Miranda (May 20, 2015). "30 Hot Fintech Startups You Should Be Watching". AllBusiness.com.
- ^ Macinas, Melanie (28 August 2014). "Tipalti Rolls Out New Supplier Payment System". Payment Week. Retrieved 19 January 2016.
- ^ Calvey, Mark (Dec 17, 2014). "Payments startup Tipalti moves HQ to Palo Alto from Southern California". Bizjournals.com.
- ^ a b Levine, Barry (October 22, 2014). "Tipalti lands $13M to become a bigger international payment platform". VentureBeat.com.
- ^ Carney, Michael (August 3, 2012). "Tipalti Dramatically Simplifies Worldwide Payment for Mass-Payers". PandoDaily.
- ^ Rao, Leena (December 11, 2013). "Tipalti Streamlines Mass, Global Payments For Ad Networks, Publishers, Affiliates And More". TechCrunch.com.
- ^ Cohen, Peter (October 2, 2012). "Tipalti Simplifies Global Payment Complexity". Forbes.
- ^ Huhman, Heather (November 5, 2013). "Startup Tipalti Introduces Tools to Tackle Global Mass Payments". Business Insider.
- ^ "Directory of Money Transmitters". Department of Business Oversight, State of California.
- ^ "Money Services Business Entities". Department of Banking, State of Texas.
- ^ Macinas, Melanie (August 24, 2014). "Tipalti Rolls Out New Supplier Payment System". Payment Week.
- ^ "Tipalti Launches an Automated Supplier Payment System". Supply & Demand Chain Executive. 15 September 2014.
- ^ "Tipalti Adds Tax Documents to Payments Tech". PaymentsSource. 29 September 2015. Retrieved 15 December 2015.
- ^ "An example of just how far behind enterprise is… Tipalti introduces (BOOM!) PO matching". Diversity Limited.
- ^ "Tipalti Passes $5 Billion in Annual Transactions and 3 Million Suppliers | CPA Practice Advisor". CPA Practice Advisor. 21 August 2018. Retrieved 2018-08-21.
- ^ "Tipalti Streamlines QuickBooks Online Integration for Accounts Payable | Intuitive Accountant". Intuitive Accountant. 23 October 2018. Retrieved 2018-10-23.
- ^ "Tipalti Continues Rapid Growth, Surpassing $8 Billion in Annual Transactions on Global Payables Automation Platform | Bloomberg". Bloomberg.com. Retrieved 2019-08-14.
- ^ "Tipalti Announces Expansion With New Offices in Vancouver, B.C." Tipalti. 2020-01-22. Retrieved 2020-02-03.
- ^ "Tipalti Marks $10B in Payments, Doubles Payables Business". Tipalti. 2020-02-19. Retrieved 2020-03-31.
- ^ "Tipalti Surpasses $11 Billion in Annual Transactions, Grows by 80+%" (Press release). 14 July 2020.
- ^ "IDC MarketScape Names Tipalti a Worldwide Leader | Tipalti". tipalti.com. 2021-01-26. Retrieved 2021-03-09.
- ^ "Tipalti Grows Revenue by More Than 85%, Annualized Transactions". GlobalFinTechSeries. 2021-02-24. Retrieved 2021-03-09.
- ^ "Payables automation popularity bolsters Tipalti further in 2021". FinLedger. 2021-07-14. Retrieved 2021-07-14.
- ^ "New $270M funding round values enterprise fintech startup Tipalti at $8.3B". SiliconAngle. 2021-12-08. Retrieved 2021-12-08.
- ^ "Tipalti Payments Volume Skyrockets by More than 100%, Increasing to More Than $36 Billion Annualized". Tipalti.com. 2022-02-23. Retrieved 2022-02-23.
- ^ "Tipalti rolls out virtual 'card'". AccountingToday.com. 2022-09-23.
- ^ "Tipalti Momentum Continues to Surge Via Global Expansion, Customer Base Exceeds 2,500". PR Newswire.com. 2022-09-23.
This page was last edited on 23 March 2024, at 17:14