Fintech

Payables automation popularity bolsters Tipalti further in 2021

Tipalti surpassed $23 billion in annualized transactions in first half of 2021, and revenue grew more than 83% in the first two quarters over prior year

Payables automation platform Tipalti is already experiencing explosive growth in 2021. According to a Wednesday release, the company grew its revenue more than 83% in the first half of the year compared to the same period in 2020.

The San Mateo, California-based company also exceeded $23 billion in annualized transactions in the first half of 2021, an increase from $18 billion in the second half of 2020.

Tipalti produces payment automation and management software for businesses. The news release did not clarify how much revenue the company made in 2020 or 2019; however, it did boast its customer base surpassed the 1,500 mark.

The company’s name comes from the Hebrew expression “We handled it,” and the startup’s active customer sphere includes Twitch, Boxed, GoDaddy, Roku, WordPress.com and ZipRecruiter. Tipalti did reveal new customers to its platform in 2021 included big players like Hootsuite, Tempus Labs, Deliverr and Sezzle, among others.

Tipalti now has more than 600 employees globally and hired 191 employees within the first half of the year. By the end of 2021, Tipalti expects to hire an additional 200 employees. Unlike 2020’s growth release, Tipaliti did not reveal its customer retention rate, which previously sat at 98%.

The fintech’s valuation is over $2 billion with its $150 million Series E funding round in September 2020, which it will use to scale growth.

In addition to the notable growth stats, the company recently appointed Paco Suro as General Manager of its Mass Pay business. Before Tipalti, Suro worked for Canadian e-commerce company Shopify where he led its ‘Money’ business, and served as the Head of Payments and Financial Operations for Twitter. Suro will lead Tipalti’s Mass Payment (MP) business, which includes the gig economy, online marketplaces, internet, adtech, gaming and “creator economy sectors.”

“Our continued growth across the entire business is a clear indicator that high-velocity businesses are prioritizing the digitization of their finance operations,” said Chen Amit, CEO and Co-founder of Tipalti. “With Tipalti’s leadership position in the Mass Pay space, we are very excited to have Paco Suro join our team to help accelerate our innovation within this critical segment.”

Beyond growing customer base, FinLedger reported in April that Tipalti had acquired Approve.com, a cloud procurement services provider, in an attempt to grow its financial operations offerings. This marked Tipalti’s first ever acquisition and was set to close by the second quarter of 2021 for an undisclosed amount.

Overall, the company plans to bolster its sales, product and marketing and geographically expand, Amit told FinLedger.

 

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