Tipalti has secured $200 million in growth financing from Hercules Capital to continue investing in artificial intelligence, product innovation and global growth of its AI-powered finance automation platform.
The company has seen year-over-year growth of 30% in its customer base and 30% in its annualized payment volume, and it recently surpassed $200 million in annually recurring revenue, it said in a Wednesday (Sept. 24) press release.
Tipalti CEO and Co-founder Chen Amit said in the release that the growth in ARR reflects “the growing urgency for finance operations efficiency globally.”
“Our market opportunity is immense,” Amit said. “As an innovation leader, we are building for long-term impact as we redefine what’s possible for modern businesses through AI.”
The latest generation of Tipalti AI was redesigned with an “agentic focus in mind” and includes a Reporting Agent that generates customized reports, a Tax Form Scan Agent that extracts W-9 data and automates supplier onboarding, a Purchase Request Agent that expedites the intake process, and a Branded Experience Agent that handles the payee onboarding experiences, according to the release.
In addition, the Tipalti AI Assistant, a conversational agent, has been strengthened to provide instant answers to complex questions, streamline repetitive workflows and deliver actionable insights, per the release.
Catherine Jhung, senior managing director at Hercules Capital, said in the release: “In today’s economic climate, where efficiency and agility are table stakes, businesses need partners who are not only resilient but forward-thinking, and Tipalti exemplifies both.”
Tipalti announced in June that it acquired AI-powered treasury automation provider Statement to deepen its treasury offerings with real-time cash intelligence capabilities across bank accounts, systems, entities and currencies.
“Together, we have a unique opportunity to evolve our customers’ treasury operations into a key business driver, empowering them to take control of their cash flow and maintain real-time visibility of their business finances,” Amit said at the time in a press release.
The PYMNTS Intelligence and NCR Voyix collaboration “Is AI the Master Key to Banking’s Next Era?” found that 72% of finance leaders report using AI in their operations, with fraud detection and customer onboarding automation being two common applications.
Source: https://www.pymnts.com/