FinTech startup Tipalti lands $150M in growth funding from JPMorgan Chase Bank and Hercules Capital
Tipalti, a global payables automation platform and the developer of payments and compliance technology, has secured $150 million in growth financing from JPMorgan Chase Bank and Hercules Capital. The latest round brings the company’s total funding to over $550 million.
The news comes on the heels of a $270 million Series F funding Tipalti raised in 2021 when its valuation quadrupled in one year to $8 billion. The funding news also comes at a time when the company transactions soared by 50% in 2022 to a total annualized payments volume of $43 billion.
“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,” said Catherine Jhung, Senior Managing Director at Hercules Capital. “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.”
Tipalti said the latest partnership and capital infusion will enable the company to expand its reach and assist an even larger number of companies that require effective management of complex payables operations on a large scale.
In conjunction with the funding, Tipalti also announced that three new executives have joined its C-suite including Perla Stoeckert, Chief Compliance Officer, Alice Davidson, General Counsel, and Des Cahill, Chief Marketing Officer.
“Tipalti is seeing tremendous growth as more and more companies adopt our platform to automate their finance operations,” said Sarah Spoja, CFO of Tipalti. “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.”
Founded in 2010 by Chen Amit and Oren Zeev, Tipalti’s cloud-based platform offers a comprehensive automation solution for the accounts payable process. It has gained popularity among its extensive customer base of over 3,000 mid-market businesses across 196 countries. Tipalti’s clients include Amazon, Twitter, and Vimeo.