Tipalti
Tipalti is an accounting software financial technology business that provides consolidated accounts payable and remittance automation services for businesses needing to pay their global suppliers. The primary benefits of Tipalti are typically a reduction in the payables workload by 80%, strengthening of financial and compliance controls, acceleration of the financial close by 25%, and improvement of the partner payments experience. The solution is unique in that it is focused on serving the needs of fast-growing and midmarket organizations with a focus on helping them scale their payables process as they continue maturing and growing. Their solution addresses the end-to-end payables workflow, from supplier onboarding and management to AP tax compliance, invoice processing, PO matching, fraud detection, global payments execution, multi-subsidiary management, currency conversion, early payments, payment reconciliation and AP reporting, and ERP integration. Tipalti is headquartered in San Mateo, CA with offices in Vancouver, Canada and R&D in Glil-Yam, Israel.
History
Tipalti was founded in 2010 by Chen Amit and Oren Zeev and launched its product in 2011. The company is a licensed money transmitter in every state that requires it in the United States, including California, New York, and Texas.
In 2014, the company released a Supplier Portal component to enable Accounts Payable departments to automate payments to suppliers, vendors, and independent contractors. In October 2014, the company raised an additional $9 million from venture capital investors led by Wicklow Capital with participation from Group 11.
On 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.
In 2015, Tipalti integrated an intelligent Form W-8 collection solution into its SaaS-based platform.
In 2016, Tipalti released the addition of an OCR and machine learning-based invoice management solution to their global AP automation technology. The company also introduced its first integration with NetSuite ERP, achieving "Built for NetSuite" status. On September 14, 2016, the company announced an additional $11 million round of funding led by Dovi Frances and Group 11.
In 2017, Tipalti added early payments automation to its platform, rolled out their AI-driven Detect fraud detection capability, and expanded their AP tax compliance capabilities to an additional 47 countries, bring their AP tax ID collection and validation solutions to a total of 50 countries.
In February 2018, the company announced support for multi-subsidiary AP management and purchase order matching as part of its invoice processing functionality. Also in February, the company announced it raised $30 million in its Series C round, led by Zeev Ventures. As part of the announcement, it updated its numbers to include $4 billion in payments processed to 1,800,000 payees.
In August, the company was recognized as a member of the Inc 5000 list of America's fastest growing companies and announced that its platform now processed $5 billion in payments annually and served over 3,000,000 payees.
In October 2018, the company announced an integration with QuickBooks Online.
In November 2018, Tipalti was recognized as a member of the Deloitte Fast 500 list of America's fastest growing companies.
In Feb 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 in July 1-Dec 31 2018 relative to the same period in 2017.
On Feb 26, 2019, Tipalti announced the launch of the Tipalti Multi-FX service. Tipalti Multi-FX helps finance teams more efficiently manage FX currency conversion across over 30 currencies. This service can be used to save time when companies receive revenue in one currency and then need to convert it to other currencies to fund their global subsidiaries and also to convert for paying global suppliers.
In April 2019, the company was recognized as a Bay Area Best Places to Work by the SF Business Times, ranking 22nd on the list. It was the third year running that Tipalti made the list.
In July 2019, Tipalti launched their NetNow solution to help accelerate supply chain payments, enabling suppliers to get paid earlier for faster access to capital, without impacting payer working capital.
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.
On September 24, 2019, Tipalti announced that they raised $76M in additional funding in a Series D round led by Zeev Ventures. The round also included additional funding from Group 11, along with new investors 01 Advisors and Greenspring Associates. 01 Advisors is the fund founded by the former CEO and COO of Twitter, Dick Costolo and Adam Bain, who used Tipalti when they ran Twitter.
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.
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.
On March 31, 2020, Tipalti announced Tipalti Pi™, a continuously-adaptive, integrated payables intelligence engine throughout the Tipalti platform that employs AI and machine learning to make the entire payables process smarter. This technology, which is available automatically to all Tipalti customers, proactively identifies fraud and risk, eliminates AP process errors, improves decision-making, and automates manual work.
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.