Tipalti

Tipalti offers a cloud-based business payout platform for domestic and cross-border payments for mid-market companies to manage accounts payable and mass payments. The platform offers an end-to-end solution covering supplier onboarding, procurement controls, invoice processing, approvals, and payment execution. It also includes automated reconciliation and tax compliance, as well as accounting and ERP integrations. 

Tipalti claims that the automation delivered by the platform reduces procurement and payable related workloads by 80%. The company also unveiled the “Tipalti Card” in October 2021, a business expense card for enterprises to implement spend controls and reduce maverick spending. The Tipalti Card is expected to be launched in 2022. 

Tipalti expanded its operations and platform offerings by acquiring procurement solutions provider Approve.com in April 2021.

Tipalti has a global presence with offices spanning across the US, the UK, Israel, and Canada. In September 2022, the company opened a Benelux office in Amsterdam, Netherlands , to continue its expansion in Europe (as its customers in the UK have reportedly crossed the 100 mark in less than a year). The company subsequently launched a localized solution for the European market in September 2023, along with obtaining an Electronic Money Institution (EMI) license from De Nederlandsche Bank (DNB). Tipalti reportedly expects Europe to account for around 20% of its new business by end-2024. 

Notably, the company laid off around 11% of its global workforce in January 2023. 

Key customers and partnerships

The company caters to several industries including financial services, ecommerce and retail, healthcare, education, software, and manufacturing among others. As of May 2023, Tipalti had over 3,000 customers, including Amazon Twitch, GoDaddy, and ZipRecruiter and enabled supplier payments across 196 countries. 

Funding and financials

Transactions handled by Tipalti reportedly expanded by 50% in 2022, with annualized payment volume reaching USD 43 billion. The company raised USD 150 million in incremental growth funding, in May 2023, from J.P. Morgan Chase and Hercules Capital Inc. The funds were earmarked for investment in product development, and supporting its customers.