San Mateo’s Tipalti has raised a $150 million Series E funding round that values the payment automation solutions provider at over $2 billion.
The fintech company says it will devote the funds to increasing the size of its developer, product management, customer operations, sales, and business development teams. Great news for Vancouver.
Earlier this year the Tipalti announced that it was expanding into Canada and expected to hire over 50 new team members in Vancouver by the end of 2020.
“With a favorable business climate and a large pool of highly-educated talent, Vancouver serves as an ideal site to help drive our continued growth,” said Chen Amit, CEO and Co-Founder of Tipalti. “Vancouver also happens to be one of the world’s most livable and attractive cities.”
Founded in 2010, Tipalti is a payables automation solution that makes it painless for finance departments to manage their entire AP and supplier payments operation in the cloud.
In July 2020, Tipalti announced that it had surpassed $11 billion in annual transactions. This achievement coincides with Tipalti exceeding 1,000 customers, while growing over 80% relative to first half 2019.
The Vancouver office is led by Tipalti’s Chief Revenue Officer, Sam Barakat.