Tipalti secured $150M Series E led by Durable Capital Partners

Tipalti, a California-based global payables automation platform, has now secured $150 million in Series E funding. The latest funding values company's valuation more than $2 Billion.

Tipalti is founded by the Chen Amit. It provides a global payables automation solution that automates all manual supplier payment processes and strengthens compliance and financial controls.

Some of the brands which use the Tipalti platform include the Canva, Amazin Twitch, GitLab, Twitter, etc.

Henry Ellenbogen, Founder, Managing Partner and Chief Investment Officer of Durable Capital Partners LP, said, "The accounts payable automation space has an extremely large total addressable market with significant growth potential. 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."

Dick Costolo, Founding Partner of 01 Advisors and former Chief Executive Officer of Twitter, said, "We are pleased to have the opportunity to increase our investment in Tipalti during a time in which organizations have been focused on rapidly transforming and modernizing the way they operate. When I ran Twitter, I saw first-hand the importance and value of Tipalti in automating financial operations. Tipalti transformed our processes and opened up our expansion, growth, and scalability strategies."

This new funding brings the total funding secured to date to $280 million. The round was backed by the Durable Capital Partners, with participation from 01 Advisors and Greenoaks Capital.

The company, as of now, has plans to use the new funds to hire new developers, customer operations, product management, sales & business development team and expand its global presence, notes the announcement.