Tipalti, a US-based firm that helps firms to automate accounts payable tasks, has secured $270m investment in a new funding round to fuel its growth plans.
The Series F funding round was led by G Squared with participation from current investors Zeev Ventures, Durable Capital Partners, 01 Advisors, and others.
It was also joined by new investors Marshall Wace and funds and accounts managed by Counterpoint Global.
The fundraising takes Tipalti’s valuation to $8.3bn.
Tipalti facilitates accounts payable, and mass pay workflows for high-velocity companies and provides them with operational, compliance, and financial controls.
The firm, which has raised $550m in total funding so far, will leverage the fresh capital to enhance its customer operations as well as expedite its product roadmap and global expansion.
Tipalti co-founder and CEO Chen Amit said: “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.
“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 organisations to rival those of the Fortune 5000.”
The latest infusion follows a significant phase of growth for Tipalti, which currently processes over $30bn in total annual payments volume.
This year, the firm added enhanced capabilities, including multi-entity AP capabilities, cards, mobile and brought out new integrations with complementary financial tech stack providers.
It also acquired and integrated cloud procurement solutions provider Approve.com.
Last October, the company closed its $150m Series E round at a valuation of $2bn.
In 2019, Tipalti obtained $76m in a Series D round to drive growth and set up new offices in North America and Europe.
Last year, the firm tapped payment solutions provider Plastiq to enhance cash flow for its customers.