Tipalti Raises $76M In Series D Led By Zeev Ventures

San Mateo accounts payable automation startup Tipalti won $76 million in a funding round led by Zeev Ventures. Also participating were Group 11 and new investors Greenspring Associates, TrueBridge Capital Partners, and 01 Advisors, the latter launched by former Twitter executives, TechCrunch reported on Tuesday (Sept. 24).

The FinTech accounting firm will use the series D funds to grow the platform and its artificial intelligence (AI) tools that can read, process, pay and track invoices. 

“It’s well-established that accounts payable is the number one most time-consuming and laborious function in finance today, and for fast-growing businesses, manual AP can impede growth and scalability,” Zeev Ventures Founding Partner Oren Zeev said in a press release distributed by Tipalti. 

Venture capital firm 01 Advisors was co-founded earlier this year by Twitter’s former c-suite executives CEO Dick Costolo and COO Adam Bain. Twitter is a Tipalti client.

“While at Twitter, we chose Tipalti and they played a pivotal role in enabling us to scale and grow. Tipalti’s platform was crucial in helping us manage payments to thousands of our publishers and partners around the world with ease while delivering a flawless experience,” said Dick Costolo, founding partner of 01 Advisors.

Tipalti also services other big-name tech startups, including Uber, Roku, GoDaddy and Foursquare. The startup targets mid-market firms.

Tipalti can take over 80 percent of the functions handled by a firm’s accounts payable department, according to the release, which noted the 2019 Levvel Research Accounts Payable Survey found mid-market organizations employ 9.8 full-time accounts payable employees. 

“As companies mature and growth accelerates, manual accounts payable processes are no longer an option. This is where Tipalti comes in and this new round of investment will help us widen our innovation edge as the pace-setter in the payables automation space,” said Chen Amit, CEO and co-founder of Tipalti.

Middle market companies need help navigating the complexities of accounts payable management, especially when it comes to cross-border, cross-currency payments. That’s especially important as businesses gain scale, as they expand reach into new geographic areas — and as they grapple with AP operations.