B2B Fintech Unicorn Tipalti Raises £204 Million at a Valuation of £6.3 Billion
Tipalti is now ranked 15th globally in valuation for private fintech companies
London, UK – Wednesday 8 December 2021, 14:00 GMT – Tipalti, the leading global payables solution, today announced it has raised £204 million in Series F funding. Now valued at £6.3 billion, this round brings Tipalti’s total funding raised to date to just over £417 million and places it among the most valuable private fintech companies in the world. Tipalti, which announced its expansion into Europe in October with the opening of a London office, 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
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’s solution is the first of its kind in the UK – automating the entire accounts payable (AP) process, while also executing global payments. Its cloud-based solution has been fully localised – helping high-growth businesses streamline AP processes and execute global payments. Its end-to-end AP offering addresses the entire workflow, including supplier management, VAT compliance, procurement, invoice management, PO matching, self-billing, global payments, payment reconciliation and more. Its FCA-approved e-money license gives businesses the ability to manage domestic and cross-border payments, and FX conversion within the holistic payables platform.
UK mid-sized businesses, those with 50-249 employees, account for 13% of employment and about 25% of GDP, according to BEIS data for 2020. 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 97% of UK CFOs said that their jobs have become more complex over the past two years, with almost a quarter (23%) noting that helping the business grow internationally is a top priority. This focus on international growth was confirmed by almost a third (28%) of UK CEOs who confirmed it is a priority for 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.