Tipalti Raises $14 Million in New Funding Round

Tipalti has been sitting pretty with the news of its new funding round wherein the company raised $14 Million.

In addition, Dovi Frances, Managing Partner at SGVC, will be joining the board of directors of Tipalti, the first non-founder of the company to do so.

Frances and SGVC bring priceless expertise to Tipalti, having built an investment porftfolio constituted mostly of innovative Fintech and digital economy companies including industry leaders, for example SoFi, Addepar, OpenGov, HomeLight, LoopCommerce and Sunbit.

Tipalti has plans to use the new round of funding to rapidly accelerate the company’s expansion.

Tipalti hit their mark including several major milestones in 2015, growing 200 percent YOY while maintaining their 99 percent customer retention and reaching a record $2 Billion in annual payment remittance.

This year, Tipalti released new invoice processing capability, making Tipalti the first ever cloud platform to automate the entire end-to-end accounts payable workflow.

“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,” said Chen Amit, CEO and co-founder of Tipalti. “We look forward to Dovi Frances joining our board of directors and contributing with his extensive experience in the Fintech world.”

“We are truly ecstatic to invest in Tipalti and add them to our growing portfolio of marquee Fintech companies who are changing the B2B payments and business finance landscape,” said Dovi Frances, Managing Partner SGVC. “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.”