Tipalti intends to use the current funding, which follows a $270m Series F funding round raised in 2021, to further invest in its product innovation and support its customers, is expected to strengthen the relationship between JPMorgan Chase Bank and Tipalti
Tipalti secures funding from JPMorgan, Hercules Capital. (Credit: Jonas Leupe on Unsplash)
Tipalti, a US-based payables automation platform, has secured $150m in incremental growth financing from JPMorgan Chase Bank and venture capital firm Hercules Capital.
The current financing follows a $270m Series F funding round raised in 2021, which brought the company’s total investment to more than $550m.
Tipalti said that current funding will help the company further invest in its product innovation and support its customers.
The company’s cloud-based platform automates the entire accounts payable process for more than 3,000 mid-market customers to pay suppliers across over 196 countries.
The new partners will enable it to help more companies that need to manage complex payables operations at scale, said the payables automation platform.
Hercules Capital senior managing director Catherine Jhung said: “Hercules Capital prides itself on being the partner of choice for innovative entrepreneurs and companies and Tipalti not only fits this mould, it breaks it.
“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 enables companies to scale quickly by making payables strategic with operational, compliance, and financial controls.
It handles both global partner payments and accounts payable workflows for high-velocity companies across the entire financial operations cycle.
As part of the transaction, the company has appointed three new executives to its C-suite.
The executives include the company’s chief compliance officer Perla Stoeckert, general counsel Alice Davidson, and chief marketing officer Des Cahill.
Since 2016, JPMorgan Chase Bank has been among the three major global banks Tipalti uses to route its supplier payments each month on behalf of its customers.
The transaction is expected to strengthen the relationship between JPMorgan Chase Bank and Tipalti.
Tipalti CFO Sarah Spoja said: “Tipalti is seeing tremendous growth as more and more companies adopt our platform to automate their finance operations.
“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.”