Global payables automation company Tipalti has extended its valuation to 2bn, following the close of a $280m funding round.
Durable Capital Partners led the investment, with significant contributions also coming from Greenoaks Capital. Existing Tipalti backer 01 Advisors also joined the investment round.
The equity infusion will enable Tipalti to double-down on its product roadmap, accelerate its growth plans and bolster its international presence. Funds will also be used to increase the penetration of its services around the world.
To support these growth plans, the company is hiring more staff across its developer, product management, customer operations, sales and business development teams.
Tipalti is an accounts payable solution that enables clients to automate, modernise and optimise workflows. Its tool suite includes invoice management, payment APIs, tax compliance, payment reconciliation, supplier management and more.
A recent study from the company found that 47% of finance organisations spend 520 hours each year on manual accounts payable tasks and 27% said their teams dedicate up to 80 hours per month on workflows. Tipalti built its solution to reduce these time burdens and free up teams.
During 2020, the FinTech claims to have surpassed $12bn in annual transaction volume.
Durable Capital Partners founder, managing partner and CIO Henry Ellenbogen said, “The accounts payable automation space has an extremely large total addressable market with significant growth potential. We believe that Tipalti has the potential to become a much larger company within the Midmarket space due to its differentiated holistic platform, superior global capabilities, and management team. This has resulted in leading retention and customer satisfaction.”
The FinTech company has raised a total of $280m since it was founded.
Dick Costolo, founding partner of 01 Advisors and former Twitter CEO, said, “We are pleased to have the opportunity to increase our investment in Tipalti during a time in which organizations have been focused on rapidly transforming and modernizing the way they operate. When I ran Twitter, I saw first-hand the importance and value of Tipalti in automating financial operations. Tipalti transformed our processes and opened up our expansion, growth, and scalability strategies.”
Earlier in the week, no-code application developer Unqork increased its valuation to $2bn after the close of a $207m funding round.
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