Tipalti has launched a fully localised product for the European market. The announcement comes a year after the company opened an office in the Netherlands. It revealed that it would extend its presence into the European market following the success it enjoyed in the UK after launching there in 2021.
The localisation includes a license from De Nederlandsche Bank (DNB). This will enable it to extend its payable solution and functionality across the EU. Recent research in the UK has revealed that manual finance processes can consume 33% of the finance team’s time. Having proven successful in the UK, Tipalti now hopes to extend its reach into the European market.
With localisation and the license, Tipalti can offer a full spectrum of payment solutions to European organisations. It already supports local bank transfers across the region and beyond, supporting 26 currencies. While the Tipalti website has a European page, there does not seem to be any support for local languages. Although there is support for payee registration in several languages.
Can reference customers’ power growth in Europe?
Tipalti already has reference customers in Europe. That will help it expand further. German-founded online marketing services vendor Linkvertise is one of its customers. Maximilian Bentein, Head of Publishing at Linkvertise, said, “Keeping over five million content creators satisfied and paid on time is no easy task manually. With Tipalti, we have been able to automate the heavy load, keep our customers happy and achieve our ambitious growth plans in the region.
“As a German company with clients across Europe and the world, we’re delighted that this new, truly localised solution is now a reality – giving us an even easier way to handle our payouts and reach our goal in monetising worldwide creativity.”
Tipalti has ambitious targets
Tipalti is now valued at $8.3 billion and has more than 1,000 employees globally. It has over 100 customers and employees in Europe and 8 open positions in EMEA. It is now looking to expand into more European markets, including DACH and the Nordics and has the ambition that 20% of its new business will stem from the region by the end of 2023. This is an ambitious target.
Rob Israch, President of Tipalti, said, “We know that economic growth in Europe is predicted to be 1% for 2023 – which lags behind the US, which saw 2.4% growth in the second quarter of this year.
“Now more than ever, businesses in the region need localised tools that eradicate manual processes, drive efficiency and give them a competitive edge – because time spent on manual finance processes is time spent away from strategic initiatives that drive growth.
“With our fully localised solution and strategic financial institution partnerships throughout Europe, Tipalti is in a strong position to help businesses achieve the sustainable growth needed. With a huge addressable market to serve, the opportunity for Tipalti in Europe is massive.”
Enterprise Times: What does this mean
Whilst successful in the UK, Tipalti has an ambitious growth target for Europe. It will need to update its website with local languages to see success. It will also need to ensure that it can provide local language support as well. According to its listing on G2, it supports German, English, French, Italian, Japanese, Korean, Dutch, Portuguese, Russian, Spanish, and Chinese (Simplified). Whether this is just the payee portal or the wider application is unclear.
Tipalti supports many globally used ERP solutions. Will it also look to integrate some of the local ERP applications in the countries it targets? There is little detail on what it means by localisation for a solution that finance teams will be interested in. The compliance questions will surely be raised, especially around electronic invoicing.
The news comes in the same week that Tipalti is hosting its third annual Illuminate conference on 21st September. Expect more news to come from the global payables vendor.