Fintech Payments Platform Tipalti Scores $14M VC Investment
By Roger Aitken | Forbes.com | Sept 19, 2016
Tipalti, a leading provider in the B2B supplier payments space based in Palo Alto, California, has announced a further investment funding round to the tune of $14 million (m) led by early stage venture capital firm by SGVC, which is touted as enabling the firm to “accelerate adoption” of supplier payments solutions to global enterprises.
This latest funding follows the company’s first round of funding that was led by venture capitalist Oren Zeev in 2010 for approximately $3m in funding from private investors. This helped launch the company’s product in 2012. And, subsequently in 2014 there was a B-round of $13m.
Tipalti, which derives from the Hebrew phrase meaning ‘I handled it’, was inspired as a concept by a late night conversation with Chen Amit, CEO and co-founder of Tipalti, and friend and sculptor Dan Reisner.
It is said according to Chen that this concept “exemplifies their approach to the accounts payable space” in that they are focused on handling every step of what was once a manual effort and process. Tipalti is said to make it painless for accounts payable departments to manage their entire global supplier payments operation.
As well as the new funding, Dovi Frances, SGVC’s Managing Partner, is to join the board of directors of Tipalti, the first non-founder of the company to do so.
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