Funding Will Fuel Continued Growth and Product
Innovation for FinTech Leader; Company Also Announces Three New
Additions to Executive Team
FOSTER
CITY, Calif., May 15, 2023
/PRNewswire/ -- Tipalti, the leading global payables automation
platform, announced today it has raised $150
million in incremental growth financing from JPMorgan Chase
Bank and Hercules Capital, Inc. (NYSE: HTGC). Coming on the heels
of a $270 million Series F in 2021
that brought the company's total funding to over $550 million, this latest raise will enable
Tipalti to further invest in product innovation and supporting its
customers.
With transactions soaring by 50% in 2022 to a total annualized
payments volume of $43 billion,
Tipalti's cloud-based platform automates the entire accounts
payable process, making it easy for its more than 3,000 mid-market
customers to pay suppliers across over 196 countries. With the
support from these new partners, Tipalti will be able to help even
more companies that need to manage complex payables operations at
scale.
"Hercules Capital prides itself on being the partner of choice
for innovative entrepreneurs and companies and Tipalti not only
fits this mold, it breaks it," said Catherine Jhung, Senior Managing Director at
Hercules Capital. "From the top tier payables automation platform
to the pioneering expertise of its executive team, Tipalti is
operating from a position of strength and we are pleased to be
partnering with the company to support continued growth."
Tipalti also announced that three new executives have joined its
C-suite highlighting the company's commitment to excellence at
every level:
- Perla Stoeckert, Chief
Compliance Officer, who re-joined Tipalti in March 2023, has more than 15 years of experience
in financial services, including foreign exchange, online payments,
funds transfers and deposit operations. Prior to Tipalti, Perla
served in executive global roles in risk and compliance at OFX,
FXCM and Commonwealth Foreign Exchange (MoneyCorp).
- Alice Davidson, General
Counsel, who joined Tipalti in April
2023 is a Securities/M&A lawyer by trade with over 15
years of experience, including deep fintech, paytech and
crypto expertise. Before Tipalti, Alice was the Chief
Legal Officer at Mogo, Inc. where she provided counsel on
acquisitions, investments, financings and partnerships, and led
government relations. Prior, she was an associate at Stikeman
Elliott LLP, focused on public M&A, corporate finance and
corporate governance.
- Des Cahill, Chief Marketing Officer, who joined Tipalti
in May 2023 has spent the majority of
his 35-year career helping companies in Silicon Valley B2B SaaS
software scale and execute successful exit strategies. Des most
recently served as Global Vice President overseeing product
marketing at Oracle and held leadership roles at companies
including Kerio Technologies, Ensighten, AOL, HP and Apple.
"Tipalti is seeing tremendous growth as more and more companies
adopt our platform to automate their finance operations," said
Sarah Spoja, CFO of Tipalti. "It's a
privilege to work with world-renowned leaders like J.P. Morgan and
Hercules Capital whose support of Tipalti enables us to accelerate
the evolution of our innovative solutions so we can continue to
deliver exceptional value to our customers around the globe."
This transaction also extends the relationship between JPMorgan
Chase Bank and Tipalti. Since 2016, JPMorgan Chase Bank has served
as one of the three major global banks Tipalti uses to route
billions of dollars worth of supplier payments each month on behalf
of its customers.
About Tipalti
Tipalti is the only company handling
both Global Partner Payments and Accounts Payable workflows for
high-velocity companies across the entire financial operations
cycle: onboarding and managing global suppliers, instituting
procurement controls, streamlining invoice processing and
approvals, executing payments around the world and reconciling
payables data across a multi-subsidiary finance organization.
Tipalti enables companies to scale quickly by making payables
strategic with operational, compliance, and financial controls.
Companies can efficiently and securely pay thousands of partners
and suppliers in 196 countries within minutes. Thousands of
companies, such as Amazon Twitch, GoDaddy, Roku, WordPress.com, and
ZipRecruiter use Tipalti to reduce operational workload by 80% and
accelerate the financial close by 25%, while strengthening
financial and spend controls. For more information, visit
www.tipalti.com.
Media Contact:
Rachelle Avila
rachelle.avila@tipalti.com
+1 (408) 768-4109
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SOURCE Tipalti