Tipalti Funding - Image by TheDigitalWay from PixabayTipalti has secured another $150 million for further expansion, and the fintech vendor has now raised over $550 million. The company describes this as a growth round, rather than a Series G round. Its previous investment came in 2021, $270 million in a Series F funding round led by G-Squared Capital.

This latest funding was led by JPMorgan Chase Bank and Hercules Capital, Inc. (NYSE: HTGC). While Tipalti had already reached a valuation of $8.3 billion in 2021, this latest investment does not seem to have a revised valuation attached.

The funding is on the back of transactions on the Tipalti platform soaring by 50% in 2022, reaching a total annualized payments volume of $43 billion. Tipalti now has over 3,000 mid-market customers paying suppliers in more than 196 countries. With the support of JPMorgan Chase Bank and Hercules Capital, it hopes to further extend its reach, adding even more customers and expanding its footprint.

Catherine Jhung, Senior Managing Director at Hercules Capital, commented, “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. 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.”

It is the endorsement by JPMorgan that is noteworthy. The two firms have worked together since 2016 with JPMorgan Chase Bank is, one of the three global banks that Tipalti works with to route billions of dollars of supplier payments on behalf of its customers. For JPMorgan, this means it can quickly evidence the growth that Tipalti has already experienced, and it hopes to help accelerate that growth in the coming months and years.

Sarah Spoja, CFO of Tipalti commented, “Tipalti is seeing tremendous growth as more and more companies adopt our platform to automate their finance operations. 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.”

Strengthening the leadership team

This announcement includes an investment in the Tiplati leadership team with three recent senior hires.

Perla Stoeckert was appointed Chief Compliance Officer, after an absence from Tipalti since December 2022, having first joined the company in November 2018. She re-joined Tipalti in March 2023. Stoeckert has over 15 years of experience in financial services, including foreign exchange, online payments, fund transfers and deposit operations. Before Tipalti, she was head of compliance, North America for OFX. She also served as Global Head of Anti-Money Laundering and Economic Sanctions Compliance at FXCM and was the Chief Compliance Officer at Commonwealth Foreign Exchange (now part of MoneyCorp).

Alice Davidson was appointed General Counsel in April 2023. She 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 spent over 6 years providing counsel on acquisitions, investments, financings and partnerships and led government relations. She started her career as a contracts associate at Scheider Electric before joining Stikeman Elliot as an articling student, becoming an associate in 2012 and staying at the firm for over five years. At Stikeman Elliott LLP, she focused on public M&A, corporate finance and corporate governance.

The final appointment sees a new Chief Marketing Officer, Des Cahill. Cahill joined in May and took responsibility for Marketing from Robert Israch, who split roles with the GM of Europe and then President over the last couple of years. Cahill has led several marketing functions as CMO. Most recently, he led the $1B+ Advertising & Customer Experience cloud application business at Oracle. He has also been CMO at software firms such as Kerio Technologies, Sampage, Ensighten, spent time as a CEO and also led marketing functions at HP AOL, Autonomy and Apple, among others.

Enterprise Times: What does this mean

What is missing from this announcement are two things. First is a comment by Chen Amit, CEO and co-founder. The second is about how Tiplati intends to invest the money. The release merely states product innovation and growth, which does not reveal what direction the company is heading either in terms of technology or market.

With three Americans appointed, the firm also seems to be moving more US-centric. Is this a deliberate strategy? What is refreshing is that two of the new appointees are female, bringing the total to three women out of eleven in C-suite positions.

Tipalti continues to lead the AP Software field. It now has over 1,000 employees and dominates the market. It was ranked the number one AP Software by Trstradius for the second year and is a leader in the G2 Grid for AP Automation.

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