Fintech unicorn Tipalti expands to mainland Europe following successful launch in the UK
Finance teams in Benelux are currently spending almost half their time on manual processes; Tipalti strives to modernise their finance operations
London, UK – September 14, 2022 – Tipalti, the leading automated global payables solution, announces further expansion into Europe, with the opening of a Benelux office in Amsterdam.
Following Tipalti’s successful UK launch in October last year, the unicorn, valued at $8.3 billion+, now has over 100 UK-based customers. Adding a division in mainland Europe will allow Tipalti to establish itself as a key player in the region, and pave the way for further expansion internationally.
Tipalti helps simplify complex, manual payables processes, the most time-consuming function burdening finance teams, whilst giving business increased controls and visibility to help in the current climate. The fintech’s immediate success in the UK highlights the level of demand for Tipalti’s solution across Europe.
According to Tipalti’s new research, almost half (45%) of Benelux finance teams’ time is spent on manual processes in a typical week. It’s therefore little surprise that finance decision makers in the region cited their top two priorities over the next year as driving efficiency across the business, and reducing time spent on manual processing (both 39%).
With businesses across Europe facing ongoing economic uncertainty, Tipalti’s solution will play a critical role at a time when they are looking to address efficiency issues and control costs amid new market conditions. Finance plays an integral role in driving efficiency – ensuring businesses are lean and prepared to cope with volatility.
Tipalti is helping customers across all verticals implement finance automation, including Tier Mobility – Europe’s leading shared micro-mobility provider on a mission to change mobility for good. Tier has seen tremendous growth, surpassing 500 employees in under three years. Markus Stellmach, Head of Finance – Systems at Tier said: “With rapidly growing finance operations, we were struggling to align a fast growing team with multiple subsidiaries to a single process and finance was too ingrained in the day-to-day maintenance of AP – it was time-consuming and complex. We knew we needed to introduce a proper process for purchase requests and approvals that could scale with us and allow finance time to be freed up for more value-creating tasks.
“Once we onboarded Tipalti Approve, we had a high-quality and flexible tool that was implemented throughout the organisation in a matter of weeks freeing up the finance team from highly time-consuming manual tasks to focus on more critical business endeavours. We now have a tool that can keep pace with us and are confident that our finances are fit to support our growing team as we continue to scale.”
Rob Israch, General Manager Europe of Tipalti said: “The UK launch was a huge milestone for Tipalti and adoption has exceeded our expectations. We already see a lot of demand for our solutions in mainland Europe and by opening up our EU market, this presents even greater opportunities for growth while also strengthening our solutions for our UK and US clients.
“Building on our momentum in the UK and the US, we know Tipalti’s technology has a real impact on businesses who have a desire to scale. Now more than ever, businesses need to work efficiently to ensure they have a long-term solution that drives sustainable growth and frees time for finance to guide strategy and agility.”Tipalti’s team, centrally based in London, has also grown substantially since launch. They now employ almost 100 people across engineering, sales, customer success, compliance, and more. The new Netherland’s headquarters will create 50 jobs in the next three years, further supercharging Tipalti’s growth.
Tipalti comes from the Hebrew expression for “We handled it.” Tipalti is the only company handling both Accounts Payable and Mass Payments 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 high-growth companies to scale quickly by making payables strategic with operational, compliance, and financial controls. Companies can efficiently and securely pay thousands of partners and vendors in 196 countries within minutes. Thousands of companies, such as Amazon Twitch, GoDaddy, Roku, WordPress.com, and ZipRecruiter use Tipalti to reduce operational workload by 80% and accelerate the financial close by 25%, while strengthening financial controls and spend visibility. For more information, visit tipaltidev.wpengine.com.