Tipalti announces solutions to wipe out maverick spend and streamline purchasing
B2B fintech company continues global expansion with the UK office as the first location for Tipalti Europe
SAN MATEO, Calif. – October 13, 2021 – Tipalti, a global payables automation company, unveiled new innovations including integration of its current Procurement and Payables solution and a corporate payment card at Illuminate, its inaugural user conference, to help high-velocity companies control costs and improve spend visibility. The company also announced its international expansion, with the release of an optimized solution for UK-based businesses and the opening of their European headquarters in London as its first location.
“With the addition of the integrated procurement and payables solution and corporate payment card, we are thrilled to extend the value we could provide to finance leaders at high-velocity companies, to make their lives easier, and to allow them to operate more efficiently, safely, and at an elevated level,” said Chen Amit, co-founder and CEO at Tipalti. “We are also excited to introduce our UK-tailored solution to finance leaders in the market, as there’s a clear need and benefit for Tipalti’s technology in the region and our first step into Europe. In the next 18 months, we will invest more in enhancing our product offering than we did in our previous 10 years combined.”
Integrated procurement and payables solution
Following the acquisition of Approve, a leading cloud procurement solution, the Tipalti Approve procurement solution is now integrated with the Tipalti accounts payable offering, which provides a seamless experience from requisition to purchase order creation to payment and reconciliation. The solution creates a single, closed-loop, all-digital process to support purchase requisition and purchase orders. This improves visibility and control overspending.
Gain control of maverick spend with the Tipalti card
The corporate payment card provides spend controls across companies’ departments and budgets. The Tipalti card will provide seamless reconciliation and receipt management on all card activity.
Initially, it will be offered in a virtual format that will link card purchases to Tipalti to track company expenses and have real-time transaction authorization (tied to specific vendors) to reduce fraud and increase spend controls, while also linking to purchase requisitions. The card is expected to launch in 2022.
Tipalti’s card product will be headed by Cards GM Nir Dremer, formerly the head of Stripe Atlas. Under Nir’s leadership, Atlas grew from an early alpha-phase product to one that captured more than 40% in market share within an emerging space of digital companies.
“The promise that finance teams can manage spending while ensuring the flexibility needed to keep all employees happy and productive is tremendous,” says Dremer. “Tipalti’s approach to payment cards ensures that every transaction can be easily preauthorized and accounted for—yet also offers frictionless convenience for corporate buyers.”
On the heels of continued product growth, Tipalti is expanding into Europe with the opening of a European headquarters in London – delivering the UK’s first solution that automates the entire accounts payable (AP) process, while also executing global payments. Tipalti’s cloud-based solution has been fully localized for UK businesses as they continue to grapple with the challenges brought about by the pandemic and Brexit.
Tipalti is launching at a critical time to allow finance teams to step away from manual financial operations, and focus on strategic initiatives to help businesses survive and thrive. Tipalti Europe, which has opened offices in central London, will create 200+ UK jobs over the next three years, with over 40 hires across engineering, sales, customer success, compliance, and more filled by the end of 2021. It has already seen great traction in the market with over 50 customers.
Adding the UK-based subsidiary to the Tipalti group allows it to focus on the market and expand its solutions, including regulated payment services, before expanding to other countries in Europe.
“There’s a clear need and benefit for Tipalti’s technology in the UK. We know the strong desire for businesses in the market to scale, in fact almost a third (28%) of UK CEOs said international growth is a top priority in 2021 and beyond,” said Rob Israch, General Manager of Europe at Tipalti.
”However, time-consuming manual finance processes and piecemeal solutions are holding them back. We want to change this. We know, now more than ever, and in this current climate, finance teams need to be empowered with great technology that modernizes finance departments and provides finance leaders with greater visibility and control. Tipalti’s scalable solution is purpose-built to help businesses achieve their ambitious growth plans and meet changing needs, whilst also managing the major payables and financial operations challenges brought with this,” Rob added.
Additional news will be announced on day two of the Illuminate conference on Thursday, October 14th.