Tipalti’s valuation has more than quadrupled from October 2020.

Tipalti, an Israeli startup that automates accounts payables and processes over $30 billion in total annual payments volume, announced a $270 million Series F funding led by G Squared. New investors Marshall Wace and funds and accounts managed by Counterpoint Global (Morgan Stanley), in addition to current investors Zeev Ventures, Durable Capital Partners, 01 Advisors and others also participated in the funding. (The Times of Israel)

Annual processed payments volume is growing at 120% year-on-year. Tipalti’s cloud platform allows its clients to conduct their accounts payable processing, including invoice management, tax and VAT compliance globally and across borders. Clients, which now number over 2,000, include Amazon (AMAZON: AMZN), Twitter (NYSE: TWTR), GoDaddy (NYSE: GDDY) , Vimeo (NASDAQ: VMEO), and GoPro (NASDAQ: GPRO).

It has over 700 employees globally, and recently opened new offices in London, U.K.; Plano, Texas; and Toronto, Ontario.

Business transformation

According to the company, the pandemic and other macro changes over the past couple of years have accelerated digitization and a transformation of businesses’ financial operations. Considering that in the US, mid-market companies, defined as those with revenues between $10 million and $1 billion, account for more than one-third of employment and about 40% of GDP, Tipalti has a huge opportunity before it.

“We are on a journey to transform financial operations, relieve finance leaders from those mundane, cumbersome, risky tasks, and elevate the financial capabilities for high velocity organizations to rival those of the Fortune 5000,” said Chen Amit, co-founder and CEO of Tipalti.

Tipalti: Use of funds

Tipalti will use the funds to expand globally and further develop its product line and customer operations.

“This latest investment will enable Tipalti to add more to our product lines and capabilities in the next 18 months than we have over the past 10 years combined,” said Amit.

Related Story: Pilot, An Accounting And Back Office Startup, Raises $100M

Image Credit: Flickr