Payments

Tipalti posts explosive growth as payables automation gains momentum

Tipalti surpassed $18 billion in annualized transactions in second half of 2020, and revenue grew more than 85% in the Q4'20 over prior year

Payables automation platform Tipalti has experienced some explosive growth in 2020, and said it grew its revenue more than 85% in the fourth quarter of 2020 compared to the same period in 2019.

The San Mateo, California-based company also exceeded $18 billion in annualized transactions in the second half of 2020, an increase from $11 billion in the first 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. The company’s name comes from the Hebrew expression “We handled it,” and the startup’s customer base includes Twitch, Boxed, GoDaddy, Oscar Insurance, Roku, WordPress.com and ZipRecruiter.

Tipalti now has more than 400 employees globally and hired 160 employees last year while also having a 98% customer retention rate. In 2021, Tipalti expects to hire an additional 350 employees.

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.

“Tipalti’s growth is a clear indication that businesses are increasingly digitizing their finance operations to support remote work and scalability, which will continue long after the pandemic,” Chen Amit, CEO and co-founder of Tipalti, said in a prepared statement. “We are proud to support our customers as they modernize their financial operations by automating the entire payables process to make it easier, more efficient, and safer.”

In addition to the notable growth stats, the company recently appointed Doug Inamine as Chief Human Resources Officer and also tapped Amisha Gandhi as senior vice president of marketing. Before Tipalti, Inamine worked for South Korean e-commerce startup Coupang where he led the human resources team and previously served as Chief People Officer for mobile gaming startup Kabam. Meanwhile, Gandhi previously worked for SAP as vice president of influencer marketing and communications.

In early December, we reported that Plastiq and Tipalti partnered up to enable businesses to use their corporate credit cards to pay suppliers even if those suppliers don’t accept credit cards. The new relationship allows Tipalti corporate customers that use Plastiq to free up 30 to 45 days of cash flow by paying invoices with their credit cards. To take advantage of this, a business must sign up for Plastiq and use their existing credit cards to pay suppliers.

The b2b payments sector has been gaining steam over the past year as COVID-19 accelerated adoption of digital b2b payments and corporate finance solutions. In August 2020, FinLedger reported that only 40% of U.S. businesses automate their accounts payable processes but that the pandemic was fueling a rush of investors and clients to the category.

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