Fresh off a new round of funding, payments automation platform provider Tipalti is experiencing robust growth as the global demand for “fintech” solutions in the e-commerce market increases.
Chen Amit, chief executive officer and cofounder of Tipalti, told WWD that “accessing global suppliers is so much easier today” due to the development of automated platforms that also make cross-border payments between retailers and their suppliers (or consumers and e-tailers) frictionless.
Amit noted that fintech solutions are also making it easier for companies to meet regulatory and compliance demands. And for Tilpalti, the company differentiates itself in the market via an automated platform. “The automation of compliance is now very important in the market,” Amit said, adding that the company also helps screen suppliers, which mitigates fraud-related risks.
And due to the global demand of fintech solutions, Tilpati has experienced 100 percent year-over-year growth for the past three years. The San Mateo, Calif.-based company has also bolstered its executive ranks in the past three years with the addition of: Steve Sovik as chief revenue officer who was formerly senior vice president of sales at Coupa; Rob Israch as chief marketing officer, formerly the vice president of global marketing programs at NetSuite, and Manish Vrishaketu as chief operating officer — who served as president of the Americas at GoSwiff.
Regarding the company’s recent Series B funding of $14 million, which was led by SGVC, Tipalti said it “plans to use the new round of funding to aggressively accelerate the company’s growth.”
“Tipalti achieved several major milestones in 2015, growing 200 percent year over year while maintaining [its] 99 percent customer retention and reaching a record $2 billion in annual payment remittance,” the company noted. “In 2016, the company released new invoice processing capability, making Tipalti the first ever cloud platform to automate the entire end-to-end accounts payable workflow.”
Tilpati is currently using the new round of funding to invest in product development and customer support, among other uses. Its goal is to deliver on its “vision of automating the entire supplier payments operation for fast-growing, midsize companies and global enterprises.”
According to KPMG, global fintech is a $20 billion market.