Tipalti, a payment automation solution provider raised $150 million at a valuation of $2 billion. It said that it will use these funds to increase the size of its development, product management, operations, sales, and marketing teams.
Fundraising round led by Durable Partners with involvement from Greenoaks Capital and O1 Advisors
With a double-digit performance in 2017, it registered a steady yet strong performance in 2019. In 2018, its global revenues were $1.9 trillion, depicting close to 6% growth. The current series E round was led by Durable Partners that included participants like Greenoaks Capital and 01 Advisors. With the completion of this round, it raised a total of $280 million to date.
A payment automation solution provider, using AI and machine learning for its end-to-end services
Tipalti assists its customers in automating its common payments. It provides an end-to-end platform that includes international coverage and payment selection along with greater partner visibility. Also, payment methods, currencies, entities, geographies, and subsidiaries are reconciled in real-time for better visibility.
The payment automation solution provider uses AI and machine learning to minimize risks and errors while it streamlines workflows. Its algorithms uncover issues and processes across payable cycles. It also helps in learning approval routing and assists in recording bill fields for line-level charges.
Tipalti ends Q2 2020 on a high note with a growth rate of over 80%
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It uses current and historical information to conduct risk checks and determine if a payee is related to other suspended or blocked payee or another account having the same payment method detail. It offers improved security systems like user roles to limit API access to select IP addresses and monitoring for any suspicious activity.
Tipalti’s clients include Roku, Roblox, Twitter, Uber, Docker, Business Insider, Vimeo, GitLab, and several others. Presently, it has surpassed an annual transaction volume of $12 billion, ending Q2 2020 at a growth rate of over 80%, relative to Q1 2019. It also opened its third office in Vancouver, Canada, with a worldwide employee strength of 350 people.