Tipalti, provider of the leading supplier payments automation platform, announced today a $14 million funding round led by SGVC.
Additionally, Dovi Frances, Managing Partner SGVC, will be joining the board of directors of Tipalti, the first non-founder of the company to do so. Frances and SGVC bring valuable expertise to Tipalti, having built an investment portfolio constituted mostly of cutting edge Fintech and digital economy companies including industry leaders such as SoFi, Addepar, OpenGov, HomeLight, LoopCommerce and Sunbit.
Tipalti plans to use the new round of funding to aggressively accelerate the company’s growth. Tipalti achieved several major milestones in 2015, growing 200% YOY while maintaining their 99% customer retention and reaching a record $2 billion in annual payment remittance. 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.
This additional investment positions Tipalti to help corporate finance organizations across a much broader range of company sizes, regions, and industries. Tipalti plans to invest heavily in product development, R&D and customer support to deliver on their vision of automating the entire supplier payments operation for fast-growing, mid-sized companies and global enterprises.
The company also plans to grow their sales and marketing organizations with this funding. Earlier this year, the company announced the hiring of Steve Sovik as its new Chief Revenue Officer. Prior to Tipalti, Sovik served as SVP Sales at Coupa Software where he helped grow the company from startup to a leader in the procurement software space that has consistently earned recognition on the Deloitte’s Technology Fast 500™ and Inc. 5000 America’s Fastest-Growing Private Companies lists.
“Thanks to this new funding round, we will expand our product, team and business to increase our market leadership position as the supplier payments automation solution of choice for finance organizations at global enterprises,” said Chen Amit, CEO and co-founder of Tipalti. “We look forward to Dovi Frances joining our board of directors and contributing with his extensive experience in the Fintech world.”
“We are truly ecstatic to invest in Tipalti and add them to our growing portfolio of marquee Fintech companies who are changing the B2B payments and business finance landscape,” said Dovi Frances, Managing Partner SGVC. “I am looking forward to helping the company accelerate their already significant growth trajectory and to watching them completely transform the way finance departments run their supplier payment operations.”