Tipalti raises USD 14mln in new funding round

Additionally, Dovi Frances, Managing Partner SGVC, will be joining the board of directors of Tipalti, the first non-founder of the company to do so. Frances and SGVC bring valuable expertise to Tipalti, having built an investment portfolio constituted mostly of fintech and digital economy companies including SoFi, Addepar, OpenGov, HomeLight, LoopCommerce and Sunbit.

Tipalti plans to use the new round of funding to accelerate the company’s growth. Tipalti achieved several major milestones in 2015, growing 200% YOY while maintaining their 99% customer retention and reaching a record USD 2 billion in annual payment remittance. In 2016, the company released new invoice processing capability, making Tipalti the first ever cloud platform to automate the entire end-to-end accounts payable workflow.

More than that, Tipalti plans to invest heavily in product development, R&D and customer support to deliver on their vision of automating the entire supplier payments operation for fast-growing, mid-sized companies and global enterprises.

The company also plans to grow their sales and marketing organizations with this funding. Earlier this year, the company announced the hiring of Steve Sovik as its new Chief Revenue Officer. Prior to Tipalti, Sovik served as SVP Sales at Coupa Software.

Tipalti is the only supplier payments automation solution that streamlines all phases of the payment workflow in one holistic cloud platform.

Tipalti helps accounts payable departments to manage their entire global supplier payments operation. Their end-to-end AP solution encompasses everything from payee onboarding and vetting, tax and regulatory compliance, invoice processing, payments to suppliers anywhere in the world in a wide range of payment methods and currencies, proactive supplier payment status communications, to enterprise-grade financial controls, payee and tax reporting, and finally real-time payment reconciliation.

Founded by Dovi Frances in 2012, SGVC is an early stage venture capital firm focused on partnering with and providing resources to visionary entrepreneurs in their pursuit to transform and abstract large and opaque industries.