Tipalti, provider of the leading cloud pay-outs management automation platform, announced today a $13 million Series B funding round led by Wicklow Capital.
Tipalti plans to use the new round of funding to aggressively grow sales and marketing, to invest in product development and R&D, and to expand its business to new verticals and markets.
"Thanks to our funders, we will accelerate the expansion of our team and our business and continue to build out the world's most advanced pay-outs management automation system," said Chen Amit, CEO and co-founder of Tipalti.
"We plan to introduce significant innovations like the recently released Risk Management Module (RMM) and the automated Supplier Portal that have already helped to automate the payables and remittance operations of some of the world's fastest-growing, global companies. Through our technology, companies can focus on growing their businesses more effectively, rather than on using their valuable resources to handle pay-outs processing, payment issue resolution and government and tax compliance. Tipalti's technology also enhances their partners, vendors, and customers' payments experience by providing greater choice of payment methods and currency while eliminating processing errors."
Tipalti currently serves more than 250,000 payees and processes over $1 billion annually. Customers include Chartboost, TouchofModern, PulsePoint, Disqus, Matomy, A4D, MUNDOmedia, Perion Codefuel, ClickDealer, Infolinks, and Tapjoy.
Wicklow Capital was founded by Daniel Tierney and Stephen Schuler, co-founders of GETCO and current board members of KCG Holdings, Inc.