Tipalti Lands $30 Million to Step Up Payments Automation
When fundraising rounds kick in, it’s always worth paying a little extra attention. It means someone’s likely about to stage a breakout, or about to shut down altogether. Tipalti, who dropped us word about their recent Series C fundraising round, looks a lot more like one of the breakout cases on the strength of the $30 million payday it walked away with in its new efforts.
Tipalti is perhaps best known for its work in automating payables worldwide, making it a business-to-business (B2B) application with quite a bit of potential in the accounts payable space. Using a cloud-based payables automation platform, Tipalti can provide valuable infrastructure as businesses look to expand from the local to the global level, giving it some real value in the field.
With its new $30 million in investment, Tipalti plans to invest in further innovation, as well as expansion efforts and further improvements in its already successful customer retention operations. Tipalti already, at last report, processes over $4 billion annually across two million suppliers worldwide, so its customer retention efforts must be doing quite well.
Tipalti’s co-founder and CEO Chen Amit noted “Tipalti’s near-perfect record of customer satisfaction and retention rates throughout our history are emblematic of how much value our service generates for our clients. By modernizing the finance operation, we typically automate 80 percent of an organization’s AP and cross-border payments workload, freeing the finance team to focus on mission-critical initiatives, such as scaling their business globally and improving their company’s competitiveness and profitability.”
We typically don’t think of mobile payments as being a B2B operation, but it’s a necessity on that front as well. Businesses have to make payments, after all, on everything from printer paper to heavy machinery, and how that process is done can sometimes mean the difference between a profitable venture and one that’s a loss. Tipalti is set to help swing the balance to profitability, and show that mobile payments are just as valuable in B2B settings as well.
With an extra $30 million to tap, and an already-impressive lineup of customers working with the company already, the chances that Tipalti will ultimately succeed are fairly high.