- Silicon Valley startup Tipalti just raised $150 million from investors led by Durable Capital Partners.
- The company, which is now valued at $2 billion, has raised a total of $280 million from investors including 01 Advisors, the fund run by former Twitter executives Dick Costolo and Adam Bain.
- Tipalti’s technology helps businesses automate their payments processes quicker and with more efficiency. The company’s clients include Twitter, GoDaddy and Uber.
- Tipalti saw stronger demand for its offering because of the pandemic which forced businesses to embrace remote work while establishing better controls over their financial systems.
“We’re seeing COVID act as a tailwind,” CEO Chen Amit told Business Insider. “In these times you need better financial controls. These drive an increase in demand. We’re growing faster than we grew last year.”
- Here’s the pitch deck Tipalti used to raise a Series E round.
- Visit Business Insider’s homepage for more stories.
Tipalti has just raised $150 million in funding based on a spike in investor interest in the Silicon Valley startup which helps businesses automate their payment processes.
And that that heightened interest was actually brought on by the pandemic, which led to a greater need for automation as businesses grappled with the shift to remote work, said CEO Chen Amit. Tipalti’s technology enables businesses to manage financial transactions with more speed and efficiency.
The platform is used by such companies as Twitter, Uber and GoDaddy. Tipalti, which is now valued at $2 billion, has raised about $280 million from investors, including 01 Advisors, the fund run by former Twitter CEO Dick Costolo and former Twitter Chief Operating Officer Adam Bain.
“We’re seeing COVID act as a tailwind,” he told Business Insider. “In these times you need better financial controls. These drive an increase in demand. We’re growing faster than we grew last year.”
Like other companies, Amit said Tipalti decided to step on the brakes a bit to gauge how the crisis was going to play out.
“I got to a realization that the world is changing,” he said. We were aggressively hiring and we just paused. But we didn’t lay off anyone.”
But it soon became clear that there was growing demand for the Tipalti software. That momentum quickly drew the attention of investors, Amit said. The Series E round, which was led by Durable Capital Partners, was put together in about a week, he said.
Here’s the pitch deck Tipalti used for its Series E round: