Israeli financial tech company Tipalti announced that it raised $76 million in a Series D funding round led by Zeev Ventures, the VC firm founded by Tipalti co-founder Oren Zeev. Participants in the round also include American VC firm Group 11 (formerly SGVC) and three new investors: 01 Advisors, a fund founded by former Twitter CEO Dick Costolo and COO Adam Bain), Greenspring Associates, and TrueBridge Capital Partners.
Founded in 2011 by Zeev and Chen Amit, Tipalti built a cloud platform that offers automation for supplier payments. Tipalti says it streamlines and optimizes businesses’ end-to-end global payables workflow, “while giving these companies access to cross border payments, currency conversion, and payments across a wide range of methods.” The company says its tech appeals to mid-market companies “who have traditionally been underserved by banks.”
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Tipalti’s clients include major companies such as Twitter, GoDaddy, GoPro, Foursquare, and Vimeo.
The company said in a statement that it will use the new funds to fuel its growth and add new offices in North America and Europe.
“It’s well-established that accounts payable is the number one most time-consuming and laborious function in finance today, and for fast-growing businesses, manual AP can impede growth and scalability,” explained Oren Zeev in a statement. “Tipalti has always been ahead of the innovation curve and this additional funding will allow it to advance its vision of transforming AP and financial operations and making it a ubiquitous solution”.
Costolo said, “While at Twitter, we chose Tipalti and they played a pivotal role in enabling us to scale and grow. Tipalti’s platform was crucial in helping us manage payments to thousands of our publishers and partners around the world with ease, while delivering a flawless experience. Investing in Tipalti allows us to help bring the same benefits we experienced as operators to the thousands of companies that need this support.”