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Tipalti

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Tipalti
Company typeInternational Money Transfer, Accounts Payable
Founded2010
HeadquartersSan Mateo, CA United States
Key people
Chen Amit, (CEO/Co-Founder), Oren Zeev, (Chairman/Co-Founder), Dovi Frances, (Board Member), Carl Pascarella, (Board Member)
Websitetipalti.com

Tipalti is an accounting software financial technology business.[1][2] that provides consolidated accounts payable[3] and remittance services for businesses needing to pay their suppliers.[4] Tipalti is headquartered in San Mateo, CA[5] with R&D offices in Herzliya, Israel.[6] Several of its officers have an Israeli military background and/or ties to the Israeli intelligence community.

History

Tipalti was founded in 2010 by venture capitalist Oren Zeev and Chen Amit with approximately $3 million in funding from private investors and launched its product in 2012[7][8][9][10]

In 2014, the company released a Supplier Portal component to enable Accounts Payable departments automate payments to suppliers, vendors, and independent contractors.[11][12] In October 2014, the company raised an additional $13 million from venture capital investors led by Wicklow Capital with participation from SGVC.[13][14][15]

On October 2014, Tipalti's CEO Chen Amit stated that the company was processing payments to approximately 300,000 payees and between $1 billion to $1.5 billion annually in payments.[6][16]

In 2015, Tipalti integrated an intelligent Form W-8 collection solution into its SaaS-based platform.[17]

In 2016, Tipalti released the addition of an invoice management solution to their AP automation technology. The company also expanded tax compliance support for suppliers in Argentina and Brazil.[18] On September 14, 2016, the company announced an additional $14 million round of funding led by Dovi Frances and SGVC.[19]

The company is a licensed money transmitter in every state that requires it in the United States, including California[20] , New York, and Texas.[21]

In February 2018, the company announced support for multi-subsidiary AP management and purchase order matching as part of its invoice processing functionality.[22] Also in February, the company announced it raised $30 million in its Series C round. As part of the announcement, it updated its numbers to include $4 billion in payments processed to 1,800,000 payees.[23]

In August, the company was recognized as a member of the Inc 5000 list of America's fastest growing companies and announced that its platform now processed $5 billion in payments annually and served over 3,000,000 payees.[24]

In October 2018, the company announced an integration with QuickBooks Online.[25]

In November 2018, Tipalti was recognized as a member of the Deloitte Fast 500 list of America's fastest growing companies.

References

  1. ^ Boitnott, John (June 19, 2015). "8 Ways Financial Technology Will Evolve in 2016". Inc.com.
  2. ^ Marquit, Miranda (May 20, 2015). "30 Hot Fintech Startups You Should Be Watching". AllBusiness.com.
  3. ^ Macinas, Melanie. "Tipalti Rolls Out New Supplier Payment System". Payment Week. Retrieved 19 January 2016.
  4. ^ O'BANNON, ISAAC M. "New Form W-8 Solution Integrated Into Global Payments Platform". CPA Practice Advisor. Retrieved 19 January 2016.
  5. ^ Calvey, Mark (Dec 17, 2014). "Payments startup Tipalti moves HQ to Palo Alto from Southern California". Bizjournals.com.
  6. ^ a b Levine, Barry (October 22, 2014). "Tipalti lands $13M to become a bigger international payment platform". VentureBeat.com.
  7. ^ Carney, Michael (August 3, 2012). "Tipalti Dramatically Simplifies Worldwide Payment for Mass-Payers". PandoDaily.
  8. ^ Rao, Leena (December 11, 2013). "Tipalti Streamlines Mass, Global Payments For Ad Networks, Publishers, Affiliates And More". TechCrunch.com.
  9. ^ Cohen, Peter (October 2, 2012). "Tipalti Simplifies Global Payment Complexity". Forbes.
  10. ^ Huhman, Heather (November 5, 2013). "Startup Tipalti Introduces Tools to Tackle Global Mass Payments". Business Insider.
  11. ^ Macinas, Melanie (August 24, 2014). "Tipalti Rolls Out New Supplier Payment System". Payment Week.
  12. ^ "Tipalti Launches an Automated Supplier Payment System". Supply & Demand Chain Executive.
  13. ^ "Tipalti Lassos In $13 Million In Series B Funding". PYMNTS.com. Retrieved 15 December 2015.
  14. ^ "Capital Gains: Ello Gets $5.5 Million, Mitel's $540 Million Offer for ShoreTel and More". Re/code. Retrieved 15 December 2015.
  15. ^ "Cloud Payouts Management Tipalti Raises $13 Million to Expand Services". Jewish Business News. Retrieved 15 December 2015.
  16. ^ "Tipalti Adds Tax Documents to Payments Tech". PaymentsSource. Retrieved 15 December 2015.
  17. ^ "Tipalti Adds W-8 Solution to Global Payments Platform". Accounting Technology. Retrieved 15 December 2015.
  18. ^ "Cross-Border, The Tax ID Cometh | PYMNTS.com". www.pymnts.com. Retrieved 2016-09-08.
  19. ^ "Term Sheet — Wednesday, September 14". Fortune. 2016-09-14. Retrieved 2016-09-14.
  20. ^ "Directory of Money Transmitters". Department of Business Oversight, State of California.
  21. ^ "Money Services Business Entities". Department of Banking, State of Texas.
  22. ^ "An example of just how far behind enterprise is… Tipalti introduces (BOOM!) PO matching". Diversity Limited.
  23. ^ "Series C - Tipalti - 2018-02-03 | Crunchbase". Crunchbase. Retrieved 2018-02-13.
  24. ^ "Tipalti Passes $5 Billion in Annual Transactions and 3 Million Suppliers | CPA Practice Advisor". CPA Practice Advisor. Retrieved 2018-08-21.
  25. ^ "Tipalti Streamlines QuickBooks Online Integration for Accounts Payable | Intuitive Accountant". Intuitive Accountant. Retrieved 2018-10-23.
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