Global payables automation software company Tipalti has raised $150 million at a valuation of more than $2 billion, making it a double unicorn.
A total of $280 million has been raised by the B2B fintech company, which employs 350 people in California, Vancouver and Kibbutz Galil Yam in Israel. An additional 250 workers will be hired.
Led by Durable Capital Partners, the $150 million Series E round also includes significant investments from Greenoaks Capital and participation from current investor 01 Advisors.
Tipalti is Hebrew for “I took care of it.” Tipalti does this by providing one comprehensive, global payables automation solution that automates all manual supplier payment processes — the most time-consuming function in finance.
“We are pleased to have the opportunity to increase our investment in Tipalti during a time in which organizations have been focused on rapidly transforming and modernizing the way they operate,” said Dick Costolo, Founding Partner of 01 Advisors and former CEO of Twitter.
“When I ran Twitter, I saw first-hand the importance and value of Tipalti in automating financial operations. Tipalti transformed our processes and opened up our expansion, growth, and scalability strategies.”
So far in 2020, Tipalti has surpassed $12 billion in annual transaction volume and ended Q2 2020 at an over 80 percent growth rate relative to Q2 2019. The company also passed the 1,000-customer mark.
Founded by Chen Amit and Oren Zeev, Tipalti ranked on the 2020 Inc. 5000 list of fastest-growing private companies in the United States for the third consecutive year, and won The SaaS Award for Best SaaS in the Business Accounting or Finance category.
Clients include Amazon Twitch, Twitter, Business Insider, GoDaddy, Fiverr, Foursquare, Boston Globe Media and Vimeo.