Today B2B fintech provider, Tipalti, announced the closing of a $30 million Series C financing round led by Zeev Ventures. The solution-provider has earned a collective $50 million, which will all be focused on growing its innovation and improve its position as a leader in the accounts payable automation space, a company spokesman said.
“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,” said Chen Amit, chief executive officer and cofounder of Tipalti. “This funding round enables us to continue our track record of innovation to transform the entire accounts payable operation.”
Centered on delivering an automated, cloud-based payable platform to support chief financial officers scale and grow operations while reducing risk threats and redundancies manifested by inefficient, legacy systems. According to the spokesman, Tipalti processes more than $4 billion in transactions annually across nearly two million global suppliers.
“It was a relatively easy decision to continue investing in Tipalti. It is extremely rare to have the opportunity to invest in a category leader. Tipalti is really changing the way B2B payments are being done, helping companies manage their cross-border payment, supplier and compliance operations,” said Oren Zeev, founding partner of Zeev Ventures and chairman and cofounder of Tipalti.
This round of funding will be garnered toward further services its customers with optimizing AP operations, accelerating Tipalti’s product innovation and maintaining user satisfaction.
“As organizations mature, accelerate growth and go global, manual payments and accounts payables processes no longer scale. There is simply no way that the cfo of the future will continue spending a huge proportion of their team’s time and resources manually managing B2B payment operations, introducing risk into their organization at every step along the way. This is the problem that Tipalti uniquely solves, and our dedication to transforming AP is what will fuel our ongoing success,” Amit said.