2023 Year in Review—A Letter from Our CEO
Over the past few years, our customers, like you, have shown remarkable resilience. You’ve navigated multiple disruptions successfully and are poised to resume growth.
Despite these disruptions, it’s an exciting and rewarding time to lead Tipalti. Our solutions are at the forefront of helping companies respond to these unique challenges. Today’s organizations need to find efficiencies without sacrificing growth, and as growth becomes more difficult, adopting automation is critical. While helping our customers address these challenges, Tipalti is thriving, building momentum, and expanding globally by offering cutting-edge automation solutions. Here’s a recap of how Tipalti is meeting your challenges today and in the future.
The Growth of Our Company
2023 was another excellent year for Tipalti. We made great progress in serving the unique needs of our customers. Finance leaders require a robust solution that covers the many important nuances of finance automation. They depend on Tipalti for the depth of finance automation capabilities to meet their growing and deepening needs—today and tomorrow.
We’re more dedicated than ever to doing just that, and our results show that customers are responding.
Major Growth Milestones:
- $60B in payments volume annual run rate
- 4,000+ global customers with 40% YoY growth
- 99% customer retention rate and 1% annual dollar churn
- 650 global partners with 300% YoY growth in the Partner and Alliances Program
- The only company named to the Inc. 5000 and Deloitte Fast 500 lists for six consecutive years
Our growth and strong customer retention rate are the best measures of our leadership in this market. Being a market leader allows us to continue to invest in and expand our vision to best serve you with a solution that’s broader and deeper while always ensuring it’s as simple to use as possible.
We also expanded globally to serve our customers better and pursue new opportunities. Not only are we licensed in the US and UK, but we are now also licensed in the EU. By obtaining an Electronic Money Institution (EMI) license and providing a localized solution for both the EU and the UK, Tipalti now helps EU-based companies and customers with EU subsidiaries run their finance operations more effectively. With 300+ UK and EU customers, our growth in the region is extremely high, which bodes well for our future in Europe.
Our Europe growth is a key stepping stone—with expectations that this expansion will bring in at least 20% of Tipalti’s new business by the end of 2024—allowing us to offer a full spectrum of finance automation solutions and capabilities to more businesses across key European markets.
The Innovation of Our Product
At Tipalti, we pride ourselves on understanding and anticipating your needs and investing in what matters most to you. Driven by the pursuit of efficiency, today’s organizations prioritize automation and streamlined workflows, and we’re delivering solutions that help you achieve these goals.
In 2024, we’ll continue to innovate and build new AI and automation enhancements that give finance teams a competitive advantage. The advent of large-language models and generative AI is changing what the future looks like, triggering a wave of innovation at Tipalti. We’ve made significant investments in AI, both in our internal processes and in our products.
Product Innovations and Enhancements:
- Tipalti Expenses: With Tipalti Expenses, businesses have greater flexibility to manage employee expenses, while benefiting from the same global, multi-subsidiary, multi-currency, and reimbursement capabilities that are integral to the Tipalti platform
- Tipalti Auto Coding: Leveraging generative AI, Auto Coding analyzes the context of a purchase order, invoice, and ledger, improving matching accuracy and eliminating manual coding
- Ask Tipalti AI: The Ask Tipalti AI℠ digital assistant powered by ChatGPT allows any user within a customer’s organization to easily access information and answer simple or complex financial and system questions instantly through a chat interface
Additionally, we released 150+ features and improvements to our product suite, which includes our Procurement and Tipalti Card solutions. Each represents a significant need for our customers and is now delivering substantial value in addition to our other finance automation capabilities.
The Investment in Our Mission
Raising growth financing in this macro environment of tightening credit is challenging. Only top-tier companies in positions of strength can obtain this type of financing.
To ensure you can count on us for the long term, we strengthened our competitive position and balance sheet by raising $150 million in growth financing to continue investing aggressively in innovation.
The Importance of Our People
Perhaps more than ever, our leadership, employees, and culture mean so much to our success. That’s why we expanded our leadership team in 2023 with the addition of Dror Yosef as Chief Data Officer and the promotion of Steve Hunt to Chief People Officer. Last year, we also welcomed the additions of Des Cahill as Chief Marketing Officer and Alice Davidson as General Counsel.
Major People Milestones:
- We significantly grew our UK/EMEA offices with 120 employees across London and Amsterdam
- We reached 250+ employees in our Canada offices
The Future of Tipalti
We have a special mission at Tipalti. Our customers are smart, educated, ambitious business leaders with great expectations for their teams and companies. You lead growing organizations with increasing complexity and nuanced requirements and have a drive for excellence.
We have a clear vision to help you remove as much of your manual workload as possible so your team can focus on the strategic work that drives the business forward. To accomplish that, we need to go deep to address your nuanced needs, delivering a simple and easy-to-use solution that scales seamlessly with your company’s growth.
Tipalti is committed to being the best partner in finance automation, and we’ll continue to invest heavily in our growth, product, and people to accomplish this. In the next few years, we’ll invest in our product as much as we did in the prior 10 years combined. We’re committed to continue driving Tipalti’s breadth, depth, and simplicity, and we’re not taking any shortcuts. By helping thousands of customers save time and energy, Tipalti knows that whatever you need, we’ll be ready to provide the solution.
