Tipalti has announced a 250% growth in customer bookings and 103% revenue growth for Tipalti FX services. Its global payables automation platform also exceeded $8 billion in annual transactions. This growth was supported by a 60% growth in headcount over the last year (July 2018 to July 2019). It has also increased its office space in Israel and has started to do so in the US. There was no indication in the announcement though about its first office in Europe. That opening was hinted at by Rob Israch, CMO earlier this year.
Tipalti has continued to win awards though after landing NetSuite Partner and SuiteApp of the year at Suiteworld. Inc. lists Tipalti as the #1196 fastest growing companies in America for 2019. New customers in the first half included ClassPass, Postmates, and Catchpoint Systems. It has also continued to deliver product updates, launching NetNow last month.
Chen Amit, CEO and co-founder commented: “Tipalti is committed to an aggressive growth trajectory, and we’re very proud of our growing list of accomplishments. Our strong growth demonstrates the need for solutions like Tipalti to bring best-in-class payables automation solutions for strengthening financial operations. The future looks just as promising.”
Enterprise Times: What does this mean
Tipalti continues to power forward its growth. Despite its success it is still seen as a niche player by G2 in its G2 grid for AP Automation. While these growth figures look impressive it is competing in a crowded market.
The company last raised funding in 2018 and one wonders how much faster it could have grown. That it has not opened up another office abroad despite more international companies joining its customer base is surprising. With the growth of NetSuite internationally one might have expected it open one by now. There is still time though.