Tipalti, a cloud-based business payout management platform, has raised USD 150 million in incremental growth funding from J.P. Morgan Chase and Hercules Capital Inc. This round brings the company’s total funds raised up to USD 715 million. 

The funds will primarily be used for product development and supporting its customers. The company claims that it still has 60% of the money it raised in December 2021, but decided to raise money as insurance and to open the door to possible acquisitions. 

This transaction also extends Tipalti’s relationship with J.P Morgan Chase, which has served as one of the three major global banks Tipalti routes supplier payments through. 

Transactions handled by Tipalti reportedly expanded by 50% in 2022, with annualized payment volume reaching USD 43 billion. The company reportedly has over 3,000 mid-market customers and enables supplier payments across 196 countries. 

Along with the funding, Tipalt also announced three C-suite appointments: 1) Perla Stoeckert (chief compliance officer); 2) Alice Davidson (general counsel); and 3) Des Cahill (chief marketing officer). 

Analyst QuickTake: We have seen several funding rounds in the payment management space in recent months, albeit in substantially smaller rounds. For instance, earlier this month, OpenEnvoy raised USD 15 million in Series A funding and Payabli raised USD 8 million in March.