Tipalti Ramps Up Its Growth in the Mobile Payments Sector
It is inevitable in any market space—particularly one that is comparatively new to the world—that some are winners and some aren’t. Tipalti recently dropped word our way making the case that it was one of the winners in the mobile payments and payables automation market, as it revealed some of the biggest milestones to hit the company in 2018.
One of the biggest such milestones was that the company hit $6.5 billion in annual transactions. Doing multi-billion business is a clear sign of a winning firm, but that’s just where Tipalti got started. Tipalti actually doubled—and then some—new customer and business bookings in the second half of 2018 as compared to the same time a year prior.
It didn’t just get new business, it kept virtually all of its old business as well. Tipalti boasts a customer retention rate of over 98 percent, and as a result of all its impressive market gains and its product line, it’s landed a slot on the Deloitte Technology Fast 500 list.
Driving these impressive gains are some equally impressive new hires. Recently, Tipalti landed former Worldpay Chief Transformation Officer Todd McGuire to serve as its general manager of supplier success. Additionally, Perla Stoeckert stpped in as Chief Compliance Officer, having formerly served in a range of risk and compliance roles at several firms.
Tipalti co-founder and CEO Chen Amit noted “…We are proud of our leadership position in the global payables automation market, which is transforming the traditional accounts payable functions into lean operational centers of excellence for financial organizations looking to scale and expand globally. This is crucial for high-growth businesses that need to eliminate financial operations complexity, so they can focus their talent on accelerating innovation and competitiveness.”
All of this adds up to great news for Tipalti. Its hires are sound enough, but it’s the numbers that really sell Tipalti’s progress. After all, when you’re ramping up customer expansion and keeping almost all of them–it’s a mistake to think a 100 percent success rate in anything is possible as more than a fluke–you’re setting up for a major win by most any standard.
Only time will tell if Tipalti can keep this streak alive, but regardless, even approaching it is going to mean further massive growth to come.