International payables automation platform Tipalti has exceeded $10 billion in yearly transactions, in line with a release on Wednesday (Feb. 19).
The company has also passed the threshold of 900 customers and booked double the number of new customers last year from the year before.
Tipalti hired 65 new employees in the latter half of 2019, and has 240 workers as of the beginning of this year. The company also has a new location in Vancouver B.C., Canada, in addition to its locations in Glil-Yam, Israel and San Mateo, California. The company maintained a best-in-class customer satisfaction rating of almost 100 percent.
“2019 was a landmark year for Tipalti’s growth, and further solidifies us as the choice payables solution for fast-growing and mid-sized businesses seeking to scale and future-proof financial operations,” said Chen Amit, CEO and co-founder of Tipalti. “2020 promises to be a continuation as we expand operations and bring even greater innovation to the payables automation space.”
Tipalti raised $76 million in a Series D funding round last year. The round was led by Zeev Ventures.
“It’s well-established that accounts payable (AP) is the No. 1 most time-consuming and laborious function in finance today, and for fast-growing businesses, manual AP can impede growth and scalability,” said Oren Zeev, the founding partner of Zeev Ventures & Tipalti Chairman, in a statement at the time. “Tipalti has always been ahead of the innovation curve, and this additional funding will allow it to advance its vision of transforming AP and financial operations and making it a ubiquitous solution.”
Tipalti has also had the distinction of being ranked on Deloitte’s 2019 Technology Fast 500, a list that highlights fast-growing tech companies.
“(For) the second consecutive year, (it was) also included on the Inc. 5000 list of fastest-growing companies in the United States,” the release stated. “Tipalti is one of only 61 companies that has been included on both the Deloitte Technology Fast 500 and Inc. 5000 lists for two consecutive years.”