AI B2B payments automation firm Tipalti raises $150mn

San Mateo, California-based Tipalti provides a solution for automating manual supplier payment processes.

Since its foundation in 2010, the company has raised almost $300mn across seven funding rounds. Its latest Series E raised $150mn from lead investor Durable Capital Partners, alongside Greenoaks Capital and 01 Advisors. The funding resulted in the company’s ascent to the status of tech unicorn (a startup valued at over $1bn).

In a press release, Chen Amit, CEO and Co-founder of Tipalti, said: “This new round of investment will allow us to further accelerate our innovation edge as a leader in the payables automation space and expands our solution to the larger market. Tipalti is clearly needed and this enables us to be ready for all that demand.”

Tipalti says it encompasses the many steps in the payables process such as supplier management, tax compliance, fraud controls and invoice processing, using a machine learning implementation known as Tipalti Pi to reduce errors (such as duplicate bills and invoice entries) and streamline processes, while ensuring that a human is ultimately in control of all financial actions.

The platform also features an open API architecture allowing connections with other systems such as Oracle, Xero and Microsoft Dynamics GP. Its customers include the likes of Amazon Twitch, Medium, Twitter and GoDaddy.

The company said it would use the funds to accelerate growth, expand its global presence and continue to develop its products.

“The accounts payable automation space has an extremely large total addressable market with significant growth potential,” explained Henry Ellenbogen, Founder, Managing Partner and Chief Investment Officer of Durable Capital Partners LP. “We believe that Tipalti has the potential to become a much larger company within the Midmarket space due to its differentiated holistic platform, superior global capabilities and management team. This has resulted in leading retention and customer satisfaction.”