Tipalti, a San Mateo, CA – based global payables automation solution, raised $150m in Series E funding at a valuation of more than $2 billion.
This brings total funding raised to date to around $280m for the B2B fintech company.
The round was led by Durable Capital Partners, with participation from Greenoaks Capital and current investor 01 Advisors.
The company intends to use the funds to increase its developer, product management, customer operations, sales, and business development headcount, continue to advance its product roadmap, accelerate its growth path, and extend its global presence.
Led by Chen Amit, CEO and Co-founder, Tipalti provides a global payables automation solution that automates all manual supplier payment processes, and strengthens compliance and financial controls. Every step in the payables process—including self-service supplier management, tax compliance, fraud and regulatory controls, invoice processing and approvals, global payments execution, and payment reconciliation—is self-contained and backed with integrated artificial intelligence and machine learning.
So far in 2020, the company has surpassed $12 billion in annual transaction volume and ended Q2 2020 at an over 80% growth rate relative to where the company finished in Q2 2019. Tipalti also passed the 1,000-customer mark, opened its third office in Vancouver, B.C., Canada, and now has over 350 employees globally.
Brands including Amazon Twitch, Amplitude, Roku, Duolingo, Gitlab, Medium, ClassPass, Toast, Automattic, Twitter, Business Insider, GoDaddy, Zola, Boston Globe Media, Noom, Roblox, Headspace, Fiverr, Vimeo, Stack Overflow, ZipRecruiter, AppLovin, Canva, Indeed, and Foursquare currently use the platform.