New Funding to Power Tipalti’s Expansion

California-based Tipalti, provider of a cloud-based payouts management automation platform, has acquired $13 million in new funding, which the company will use to expand its sales and marketing, invest in product development and R&D, and expand its business to new verticals and markets.

“Thanks to our funders, we will accelerate the expansion of our team and our business and continue to build out the world’s most advanced pay-outs management automation system,” said Chen Amit, CEO and co-founder of Tipalti.

Tipalti plans to introduce innovations such as the recently unveiled Risk Management Module (RMM) and the automated Supplier Portal, which have helped automate the payables and remittance operations of growing companies all over the world, Amit added.

Tipalti offers technologies that allow companies to focus on growing their businesses more effectively, instead of using their resources to manage pay-outs processing, payment issue resolution and government and tax compliance.

Tipalti’s product offerings also improve their partners, vendors and customers’ payment experience by offering greater choice of payment methods and currency, at the same time eliminating processing errors.

By automating the entire mass global payments operations process, Tipalti makes it easy to pay any customer, partner or vendor across 190 countries. Aside from improving the customer payment experience, it also ensures that all tax and regulatory requirements are met.

On getting investors up to speed on the B2B payments space, Amit stated “We have not had too many difficulties presenting our vision to investors, given our strong series B round of funding. However, many investors are not as knowledgeable of the payments space and even less knowledgeable about B2B payments, so it does require some education. Solutions that simplify B2B payments complexity are clearly in an advantageous position.”

“B2B payments is ripe for disruption because of the complexity, confusion, costs and pain the current system causes companies as they try to make and accept payments across countries. Unfortunately, companies with these global mass pay-out needs are largely handling their pay-out processes by throwing finance payments professionals at the problem to handle it manually and in spreadsheets, which creates a poor, error-prone partner experience and wastes valuable employee time that could otherwise be spent conducting analysis and running projects to help the business grow faster and innovate. That is what we have focused on solving so successfully,” Amit said.