B2B Fintech Unicorn Tipalti Raises $270 Million at a Valuation of $8.3 Billion

Fundraising News , Payments
25.02.2022 08:30 am

Tipalti, the leading global payables solution, today announced it has raised $270 million in series F funding at a valuation of $8.3 billion, bringing total funding raised to date to just over $550 million and placing Tipalti among the most valuable private fintech companies in the world. Tipalti will use the funding to accelerate its product roadmap and customer operations, as well as expand globally to transform global financial operations for high-velocity customers.

Led by G Squared, the Series F round also includes significant investments from new investors Marshall Wace and funds and accounts managed by Counterpoint Global (Morgan Stanley), in addition to current investors Zeev Ventures, Durable Capital Partners, 01 Advisors and others.

This latest investment will enable Tipalti to add more to our product lines and capabilities in the next 18 months than we have over the past 10 years combined. We are on a journey to transform financial operations, relieve finance leaders from those mundane, cumbersome, risky tasks, and elevate the financial capabilities for high velocity organizations to rival those of the Fortune 5000.”

Chen Amit, co-founder and CEO of Tipalti

Tipalti Series F 1

We believe Tipalti is reshaping how businesses manage their financial operations, and their growth and industry-leading retention rates are evidence that they are on a mission to solve important challenges for their customers. The company’s differentiated solutions, combined with their strategic vision and ability to execute, position Tipalti as a true disruptor in the global payables landscape. We see a huge opportunity in the target market that is largely underserved currently and look forward to working together with Tipalti.”

Larry Aschebrook, founder and managing partner, G Squared

Tipalti Series F 2

Tipalti Series F 3

In the U.S. alone, mid-market companies, defined as those with revenues between $10 million and $1 billion, account for more than one-third of employment and about 40% of GDP. The challenges brought about over the last two years with COVID-19 and other macro changes have also accelerated the transformation in how companies are managing financial operations.

A recent Tipalti survey found that 99% of CFOs said that their jobs became more complex over the past two years, and almost one-third of CFOs noted that international expansion was an area of increased responsibilities — a shift confirmed by 20% of CEOs who indicated global growth as a top priority for their CFOs. However, when CFOs are manually managing financial operations, they lack critical resources and time that could otherwise be spent on scaling and executing strategic initiatives.

Tipalti currently processes over $30 billion in total annual payments volume — growing 120% year over year. Last October, the company announced its Series E round — $150 million at a $2B valuation. This year it launched enhanced capabilities, including the acquisition and integration of cloud procurement solutions provider Approve.com, enhanced multi-entity AP capabilities, cards, mobile and added new integrations with complementary financial tech stack providers. Tipalti also passed the 2,000-customer mark, opened new offices in London, U.K.; Plano, Texas; and Toronto, Ontario, and has grown to over 700 employees worldwide. Tipalti ranked on both the 2021 Inc. 5000 list of fastest-growing companies in the U.S. and the Deloitte Fast 500 for the fourth consecutive year, won Best Accounts Payable Software 2021 by TrustRadius, and was named a Worldwide Leader by IDC Marketscape in Midmarket Accounts Payable Automation.