This year, many companies have doubled down on their access to cloud services in order to connect their newly remote teams, centralize their operations and maximize their efficiency.
San Mateo-based startup Tipalti has created a cloud-based suite intended to do just that for finance teams across the world. Its automated system takes care of multiple accounting services that might typically stand in the way of allowing companies to efficiently scale. And demand is so high for its platform the company has now landed some fresh funding to help it scale itself.
Tipalti raised $150 million in a Series E funding round, the company announced Tuesday. The latest round was led by Durable Capital Partners and brings the unicorn’s valuation to more than $2 billion.
Tipalti, which derives from the Hebrew expression for “I handled it,” utilizes AI and machine learning in order to automate all manual supplier payment processes. Its platform handles a range of tasks for finance teams including self-service supplier management, tax compliance, fraud and regulatory controls, invoice processing and approvals, global payments and more.
Tipalti primarily assists mid-market companies with 50 to 1,000 employees. Its list of clients includes tech heavy hitters like Amazon, Twitch, Gitlab, Stack Overflow, Twitter, Indeed and Foursquare, to name a few.
The additional capital will enable the company to further accelerate its growth in the payables automation space, CEO and co-founder Chen Amit said in a statement. The company is now hiring for several open positions across multiple departments at its San Mateo office.
So far this year, Tipalti has surpassed $12 billion in annual transaction volume, according to the company. Additionally, it ended Q2 2020 at an over 80 percent growth rate compared to where the company finished in Q2 2019.
In addition to its presence in San Mateo and Israel, Tipalti recently opened its third office in Vancouver. The company employs over 350 employees across its three offices.
Tipalti has raised $295 million in venture capital to date, according to Crunchbase.
