Tipalti raised a $270M Series F round to help scale operations, hire additional staff, and accelerate the launch of new functionalities on its platform. Here are the top-line bullets you need to know.
Tipalti, an automated payments processor approaching decacorn status, has raised a $270M Series F round that drew participation from 01 Advisors, Durable Capital Partners, Zeev Ventures, Morgan Stanley, and G Squared.
HOW’S THE COMPANY PERFORMING?
- California-based Tipalti provides AI-based accounts payable automation, procurement, and global payment solutions to mid-market companies.
- Tipalti currently processes about $30B in payments volume annually, an increase of 120% year-over-year.
- Tipalti has over 2,000 customers including Roblox, Twitter, GoDaddy, Roku, WordPress, Twitch, and ZipRecruiter, with a churn rate of 1%.
- The company has offices in the US, the UK, Canada, and Israel.
- Tipalti has a team of 720 employees, up from 350 a year ago.
Why does the market matter?
- The global accounts payable automation market is expected to grow at a CAGR of 11% and reach 3.1B by 2024, according to Markets and Markets.
- The increasing importance of fraud prevention and the industry’s shift toward digitization have contributed to market growth.
- The fintech market has hit record levels of funding this year. In Q3’21 alone, fintech startups raised $31.1B, an increase of 147% YoY.