Tipalti Secures $150 Million in Growth Financing from JPMorgan Chase Bank and Hercules Capital
Funding Will Fuel Continued Growth and Product Innovation for FinTech Leader; Company Also Announces Three New Additions to Executive Team
Foster City, CA – May 15, 2023 – Tipalti, the leading global payables automation platform, announced today it has raised $150 million in incremental growth financing from JPMorgan Chase Bank and Hercules Capital, Inc. (NYSE: HTGC). Coming on the heels of a $270 million Series F in 2021 that brought the company’s total funding to over $550 million, this latest raise will enable Tipalti to further invest in product innovation and supporting its customers.
With transactions soaring by 50% in 2022 to a total annualized payments volume of $43 billion, Tipalti’s cloud-based platform automates the entire accounts payable process, making it easy for its more than 3,000 mid-market customers to pay suppliers across over 196 countries. With the support from these new partners, Tipalti will be able to help even more companies that need to manage complex payables operations at scale.
“Hercules Capital prides itself on being the partner of choice for innovative entrepreneurs and companies and Tipalti not only fits this mold, it breaks it,” said Catherine Jhung, Senior Managing Director at Hercules Capital. “From the top tier payables automation platform to the pioneering expertise of its executive team, Tipalti is operating from a position of strength and we are pleased to be partnering with the company to support continued growth.”
Tipalti also announced that three new executives have joined its C-suite highlighting the company’s commitment to excellence at every level:
- Perla Stoeckert, Chief Compliance Officer, who re-joined Tipalti in March 2023, has more than 15 years of experience in financial services, including foreign exchange, online payments, funds transfers and deposit operations. Prior to Tipalti, Perla served in executive global roles in risk and compliance at OFX, FXCM and Commonwealth Foreign Exchange (MoneyCorp).
- Alice Davidson, General Counsel, who joined Tipalti in April 2023 is a Securities/M&A lawyer by trade with over 15 years of experience, including deep fintech, paytech and crypto expertise. Before Tipalti, Alice was the Chief Legal Officer at Mogo, Inc. where she provided counsel on acquisitions, investments, financings and partnerships, and led government relations. Prior, she was an associate at Stikeman Elliott LLP, focused on public M&A, corporate finance and corporate governance.
- Des Cahill, Chief Marketing Officer, who joined Tipalti in May 2023 has spent the majority of his 35-year career helping companies in Silicon Valley B2B SaaS software scale and execute successful exit strategies. Des most recently served as Global Vice President overseeing product marketing at Oracle and held leadership roles at companies including Kerio Technologies, Ensighten, AOL, HP and Apple.
“Tipalti is seeing tremendous growth as more and more companies adopt our platform to automate their finance operations,” said Sarah Spoja, CFO of Tipalti. “It’s a privilege to work with world-renowned leaders like J.P. Morgan and Hercules Capital whose support of Tipalti enables us to accelerate the evolution of our innovative solutions so we can continue to deliver exceptional value to our customers around the globe.”
This transaction also extends the relationship between JPMorgan Chase Bank and Tipalti. Since 2016, JPMorgan Chase Bank has served as one of the three major global banks Tipalti uses to route billions of dollars worth of supplier payments each month on behalf of its customers.
Tipalti is the only company handling both Mass 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.