Israeli global payables automation solutions company Tipalti today announced it has raised $150 million at a valuation of more than $2 billion. This brings total funding raised to date by the B2B fintech company to around $280 million. The financing round was led Durable Capital Partners with the participation of Greenoaks Capital and current investor 01 Advisors.
"There is no reason why we shouldn't get to a company valuation of $10 billion," Tipalti cofounder and CEO Chen Amit told "Globes." "We didn't really plan to raise money this year but at a certain stage we began being contacted on an almost daily basis from investors that we value, so we decided to check it out. From the moment that we wrote the presentation for investors to when we had an offer at this valuation took two weeks."
$2 billion is four times the valuation of Tipalti at its previoous financing round 13 months ago.
Amit, who founded Tipalti with venture capitalist Oren Zeev, who serves as company chairman, said, "We aimed to raise $100 million but ended up with $150 million."
He added, "When the Covid-19 pandemic began in March, I didn't know what to do, so I stopped hiring, and except for two people in the human resources department who were put on unpaid leave, we didn't fire anybody. After two months, we understood that Covid-19 was not hurting the business and was even benefitting us a little so we began hiring aggressively. We began the year with 280 employees and we will end it with over 400 employees, of whom 130 are in Israel. Next year we will hire 250-300 employees."
Tipalti will use this new funding further develop its product, speed up growth, expand its global presence, and increase its market leading position as the preferred solution for fast growing companies worldwide. This growth will be fueled by increasing developer, product management, customer operations, sales, and business development headcount.
Tipalti’s global payables automation solution enables its customers to automate, modernize and optimize their entire global payables operation, providing finance organizations with one highly efficient, holistic solution that will adapt to their businesses’ changing needs as they scale, and that allows finance leaders to instead focus on supporting their companies’ mission-critical initiatives.
Tipalti has surpassed $12 billion in annual transaction volume in 2020 and ended the second quarter with 80% revenue growth compared with the corresponding quarter of 2019. The company also passed the 1,000-customer mark (up from 600 over the past year), opened its third office in Vancouver, Canada, and now has over 350 employees globally.
Published by Globes, Israel business news - en.globes.co.il - on October 6, 2020
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