Tipalti Customer Base Surges to More Than 3,000 as It Boosts Transactions 50%
B2B fintech unicorn expands global footprint and customer base; achieves 98% customer retention rate for fifth year in a row
Foster City, CA – March 1, 2023 – Tipalti, the leading global payables solution, today announced its 2022 results, highlighting significant growth in customer transactions, expanded office space and locations and innovative new products. Tipalti grew its overall customer base to more than 3,000, helping total transactions to soar by 50% for a total payments volume of $43 billion. Its UK solution, launched in 2021, contributed to this growth with more than 100 new customers signed since inception. New global customers such as GoodRx, e.l.f. Cosmetics and Cloudinary joined a portfolio of clients with a 98% retention rate.
2022 was also a momentous year of product innovation and recognition for Tipalti. At its second annual Illuminate user conference, Tipalti unveiled the Tipalti Card, which combines quick virtual card issuance with end-to-end supplier payments, allowing users to manage and control business spend across all payment methods while achieving instant credit card reconciliation. The simplicity and convenience of the Tipalti Card further show the company’s ability to address the pain points and complexities of the finance operation.
The company continued to rake in awards for solutions that are changing how companies around the world manage everything from AP to global payouts. In fact, Tipalti was named to the Inc. 5000 list and Deloitte Fast 500 list for the fifth consecutive year and was one of only 15 companies to be named to Deloitte’s Fast 500 five years in a row. Alongside Salesloft and Onit, Tipalti was also one of only three companies to appear on both lists for the past five consecutive years.
Tipalti’s customers are proof of why these awards are deserved:
“At Create Music Group, our goal is to give artists more money, more often and with complete transparency, and we needed a partner who was able to deliver payments quickly and accurately to a global client base,” said Zach Victor, VP of Finance at Create Music Group. “With Tipalti’s finance automation, we’ve been able to modernize and consolidate our payments process, streamline our workflow and be better partners to our clients.”
Additional major milestones for Tipalti include:
Product Enhancements and Integrations:
- Procurement: Tipalti launched an integration with Amazon Business to streamline the employee buying experience on Amazon – from purchase requests and approvals, to order fulfillment – and provide enhanced visibility and control to the finance and procurement teams. This integration not only helps teams to save money, but they no longer need to manage multiple supplier catalogs, saving them time.
- Bill Talk & Bill Docs: This innovation makes it effortless for buyers and approvers to collaborate while improving audit readiness and accelerating approval cycle times. Now, buyers, AP staff and business approvers can work with each other directly on the bill by exchanging questions and comments and attaching documents within Tipalti, all without needing to log in.
- Xero API Integration: Tipalti introduced an API-based integration with Xero for near real-time, automated data updates and two-way syncing between Tipalti and Xero accounting, allowing companies to maximize efficiency and accelerate their financial close.
- 2022 saw several new leadership promotions with Rob Israch becoming Tipalti’s first-ever President. Additionally, Paul Henderson was appointed Chief Accounting Officer and Todd McGuire was named Chief Human Resources Officer.
2022 Illuminate User Conference:
- In September 2022, more than 3,000 people registered for Tipalti’s second-annual Illuminate Conference, where top business leaders shared best practices and their perspectives on industry trends. The conference featured events in London and San Francisco and a live keynote from Oakland Athletics’ Executive Vice President of Baseball Operations, Billy Beane.
Awards and Recognition:
- In addition to the Inc. 5000 and Deloitte Fast 500 honors, Tipalti was also awarded the “Top-Rated Accounts Payable Software” by TrustRadius; named to its first-ever “MES Matters: Key Vendors Serving the Midmarket” list; and received recognition as Spend Matters’ “50 to Know” for the third consecutive year. Recently, Tipalti was selected as a finalist for TrustRadius’ 2023 Winter Award in Accounts Payable in three categories – Best Relationship, Best Value for Price and Best Feature Set – and was also cited as a “Best in Class” vendor in Aite’s January 2023 report, “Aite Matrix: Accounts Payable Automation Solutions.”
Global Location Growth:
- Tipalti continued to expand its footprint globally, growing and expanding its London and Tel Aviv offices as well as moving its North American headquarters to Foster City, California. The company also opened new locations in Toronto, the Netherlands and Tbilisi, Georgia.
“2022 was a year that challenged companies around the globe, forcing many to reorganize their priorities and reassess their goals,” said Chen Amit, co-founder and CEO of Tipalti. “In response, we honed in on how our products could better serve our customers struggling with the current economic realities. As a result, we continued to grow as a company and win market share. We doubled down on our commitment to our customers and put them at the center of our business. As we enter 2023, we will continue to make them a priority by introducing innovative solutions they need to thrive throughout these challenging times.”
Tipalti is the only company handling both Global Partner Payments and Accounts Payable workflows for high-velocity companies across the entire financial operations cycle: onboarding and managing global suppliers, instituting procurement controls, streamlining invoice processing and approvals, executing payments around the world and reconciling payables data across a multi-subsidiary finance organization. Tipalti enables companies to scale quickly by making payables strategic with operational, compliance, and financial controls. Companies can efficiently and securely pay thousands of partners and suppliers in 196 countries within minutes. Thousands of companies, such as GoDaddy, Roku and WordPress.com use Tipalti to reduce operational workload by 80% and accelerate the financial close by 25%, while strengthening financial and spend controls. For more information, visit tipalti.com.