By PYMNTS | Sept 15, 2016
The supplier payment solution by FinTech firm Tipalti has attracted venture capitalists. The company announced on Wednesday (Sept. 14) that it closed a $14 million funding round led by SGVC.
SGVC Managing Partner Dovi Frances has also been announced as the latest addition to Tipalti’s board of directors, the company added.
“Thanks to this new funding round, we will expand our product, team and business to increase our market leadership position as the supplier payments automation solution of choice for finance organizations at global enterprises,” said Tipalti CEO and Cofounder Chen Amit in a statement. “We look forward to Dovi Frances joining our board of directors and contributing with his extensive experience in the FinTech world.”
According to its announcement, Tipalti will look to position its accounts payable tool across a broader range of corporate clients, including expanding its breadth of company sizes, industries and geographic regions. The investment will also go towards R&D, product development and customer support.
Tipalti’s sales and marketing efforts will also get a boost from the funding, the firm added.
“We are truly ecstatic to invest in Tipalti and add them to our growing portfolio of marquee FinTech companies who are changing the B2B payments and business finance landscape,” said Frances in a separate statement. “I am looking forward to helping the company accelerate their already significant growth trajectory and to watching them completely transform the way finance departments run their supplier payment operations.”
The $14 million raised follows $13 million in Series B funding secured in 2014, a round led by Wicklow Capital.
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