Tipalti Secures $150 Million in Growth Financing from JPMorgan Chase Bank and Hercules Capital
Funding Will Fuel Continued Growth and Product Innovation for FinTech Leader; Company Also Announces Three New Additions to Executive Team
FOSTER CITY, Calif., May 15, 2023 /PRNewswire/ -- Tipalti, the leading global payables automation platform, announced today it has raised $150 million in incremental growth financing from JPMorgan Chase Bank and Hercules Capital, Inc. (NYSE: HTGC). Coming on the heels of a $270 million Series F in 2021 that brought the company's total funding to over $550 million, this latest raise will enable Tipalti to further invest in product innovation and supporting its customers.
With transactions soaring by 50% in 2022 to a total annualized payments volume of $43 billion, Tipalti's cloud-based platform automates the entire accounts payable process, making it easy for its more than 3,000 mid-market customers to pay suppliers across over 196 countries. With the support from these new partners, Tipalti will be able to help even more companies that need to manage complex payables operations at scale.
"Hercules Capital prides itself on being the partner of choice for innovative entrepreneurs and companies and Tipalti not only fits this mold, it breaks it," said Catherine Jhung, Senior Managing Director at Hercules Capital. "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 also announced that three new executives have joined its C-suite highlighting the company's commitment to excellence at every level:
"Tipalti is seeing tremendous growth as more and more companies adopt our platform to automate their finance operations," said Sarah Spoja, CFO of Tipalti. "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."
This transaction also extends the relationship between JPMorgan Chase Bank and Tipalti. Since 2016, JPMorgan Chase Bank has served as one of the three major global banks Tipalti uses to route billions of dollars worth of supplier payments each month on behalf of its customers.
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