Based on the information detailed in the announcement, the funding is set to be leveraged towards fuelling continued growth and product innovation for the fintech company.
The receipt of the funding follows a USD 270 million Series F round in 2021 that brought the company’s total funding to more than USD 550 million, and Tipalti is going to make use of the newly received one to further invest in product innovation, as well as in supporting its customers.
Having had transactions increase by 50% in 2022 to a total annualised payments volume of USD 43 billion, Tipalti’s cloud-based platform helps automate the entire accounts payable process, simplifying how over 3,000 mid-market customers carry out payments to suppliers throughout more than 196 countries. Following the capital support from JPMorgan and Hercules Capital, Tipalti is set to be enabled to assist an increasing number of companies that need to manage complex payables operations at scale.
Commenting on the announcement, Catherine Jhung, Senior Managing Director at Hercules Capital advised that the enterprise ‘prides itself’ on being a partner of choice for entrepreneurs and companies looking to innovate, with Tipalti being amongst the names to not only ‘fit the mould but break it’. Per their statement, from the payable automation platform to the expertise of its executive team, Tipalti operates from a ‘strength’ position, and Hercules Capital is looking forward to collaborating with the company to support continued growth.
What is more, the announcement states that three new executives joined the company’s C-suite. Sarah Spoja, CFO of Tipalti added on the news and stated that Tipalti has been experiencing increased growth as numerous companies adopt the platform in order to automate their finance operations. The spokesperson believes J. P. Morgan’s and Hercules Capital’s support to enable Tipalti to expedite the evolution of its solutions so that it can continue delivering value to its customers throughout the world.
The press release further highlights that the transaction is an extension of the relationship between JPMorgan Chase Bank and Tipalti, as from 2016 onwards, JPMorgan Chase Bank has served as one of the three global banks Tipalti leverages to route supplier payments worth billions of dollars monthly, on behalf of its customers.
Tipalti handles both global partner payments and accounts payable workflows for high-velocity companies throughout the entire financial operations cycle: onboarding and managing global suppliers, instituting procurement controls, simplifying invoice processing and approvals, executing payments worldwide and reconciling payables data across a multi-subsidiary finance organisation. Tipalti enables companies to scale in an expedited manner by making payables strategic with operational, compliance, and financial controls.
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