Global payable solution Tipalti on Wednesday (Dec. 8) announced it closed a Series F fundraising round that brought in $270 million at a valuation of $8.3 billion.
Tipalti has raised more than $550 million since its inception. It will use the company to speed up its product road maps and customer operations as well as push forward with its global expansion plans.
The company’s valuation makes it one of the most valuable FinTech unicorns — private companies worth at least $1 billion — in the world.
G Squared led Tipalti’s Series F fundraising effort, joined by new investors Marshall Wace and funds and accounts managed by Counterpoint Global (Morgan Stanley) as well as existing investors Zeev Ventures, Durable Capital Partners, 01 Advisors and others.
“This latest investment will enable Tipalti to add more to our product lines and capabilities in the next 18 months than we have over the past 10 years combined,” said Chen Amit, co-founder and CEO of Tipalti, in the company announcement.
“We are on a journey to transform financial operations, relieve finance leaders from those mundane, cumbersome, risky tasks, and elevate the financial capabilities for high velocity organizations to rival those of the Fortune 5000,” he said.
Tipalti processes more than $30 billion in annual payments volume — growing 120% year-over-year.
The company raised $150 million in a Series E fundraising round in October 2020 at a $2 billion valuation. It acquired cloud procurement solutions provider Approve.com and added new offices in London, Toronto and Plano, Texas, earlier this year, and now has 700 employees around the world.
Related: Spend Management Platform Clara Becomes Latam’s Fastest Unicorn
In other recent fundraising news, Mexico City-based spend management platform Clara expanded its operations to Brazil as part of raising $70 million in new funding and a $1 billion valuation, eight months after its launch. It’s the fastest company to reach unicorn status in Latin America.
The funding round was led by Coatue, an investment firm that has backed tech companies including TikTok owner ByteDance, Deel, Ramp, Melio Payments, Mercury Bank, and the cryptocurrency exchange Bitso. As part of the deal, Coatue’s Michael Gilroy will become the first outside member of Clara’s board.
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