Israeli supplier payments automation platform Tipalti, has closed a $14 million financing round led by SGVC, whose managing partner Dovi Frances will be joining the board of directors of Tipalti, the first non-founder of the company to do so.
Tipalti plans to use the new round of funding to aggressively accelerate the company’s growth. This additional investment positions Tipalti to help corporate finance organizations across a much broader range of company sizes, regions, and industries. Tipalti plans to invest heavily in product development, R&D and customer support to deliver on their vision of automating the entire supplier payments operation for fast-growing, mid-sized companies and global enterprises. The company also plans to grow their sales and marketing organizations with this funding.
With offices in Herzliya and Palo Alto, California, the company was founded by chairman Oren Zeev and CEO Chen Amit. Tipalti means "I've dealt with it", in Hebrew.
Tipalti grew 200% YOY in 2015 while maintaining its 99% customer retention and reaching a record $2 billion in annual payment remittance. In 2016, the company released new invoice processing capability, making Tipalti the first ever cloud platform to automate the entire end-to-end accounts payable workflow.
Amit said, “Thanks to this new funding round, we will expand our product, team and business to increase our market leadership position as the supplier payments automation solution of choice for finance organizations at global enterprises."
Frances said, “I am looking forward to helping the company accelerate their already significant growth trajectory and to watching them completely transform the way finance departments run their supplier payment operations.”
Published by Globes [online], Israel business news - www.globes-online.com - on September 15, 2016
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