Foster City-based payments fintech Tipalti has raised another $150 million from investors and added three professionals to its executive roster.
Tipalti emailed Digital Music News today with news of the multimillion-dollar raise (which arrives approximately 17 months after the closing of a $270 million Series F financing) and the three new senior appointments . First up, the payment automation and accounts payable platform announced that Palo Alto-based JPMorgan Chase and Hercules Capital (NYSE: HTGC) had provided available $150 million in “incremental growth financing” — bringing Tipalti’s total funding beyond the also raised the $700 million mark.
Tipalti now has “more than 3,000 mid-market customers” in almost every country, according to managers, and intends to use the newly secured capital to “invest in product innovation” and support existing customers. The latter include Roblox, Twitter, Amazon’s Twitch, and Create Music Group; The B2B software developer is also working to help the music industry put its infamous payment problem on the back burner.
Regarding the new funds raised, Tipalti CFO Sarah Spoja addressed the role of the capital in allowing her company (which had previously projected a 50 percent increase in transactions in 2022, bringing the total payments to over US$43 billion Dollars rose) allowed to optimize its offers.
“Tipalti is seeing tremendous growth as more businesses use our platform to automate their financial operations,” said the you are not Board member Spoja. “It is a privilege to work with world-renowned leaders such as JP Morgan and Hercules Capital, whose support from Tipalti allows us to accelerate the development of our innovative solutions so we can continue to deliver exceptional value to our clients around the world.”
And in her own remarks, Catherine Jhung, Senior Managing Director of Hercules Capital, stated, “Hercules Capital prides itself on being the partner of choice for innovative entrepreneurs and corporations, and Tipalti not only fits that mold, it breaks it.” From its best-in-class accounts payable automation platform to the groundbreaking expertise of its leadership team, Tipalti operates from a position of strength and we look forward to working with the company to support continued growth.”
Perla Stoeckert has returned as Chief Compliance Officer after joining Tipalti’s, Thematic’s partner mentioned earlier. The 13-year-old company (which derives its name “from the Hebrew word ‘טיפלתי’, meaning ‘I took care of it'”) has returned as chief compliance officer.
More than four-year Tipalti veteran Stoeckert officially rejoined the team in March after leaving towards the end of 2022. Meanwhile, Alice Davidson, former Mogo’s chief legal officer, has been hired as Tipalti’s general counsel, while Des Cahill, a former Apple and Oracle executive, has joined as chief marketing officer.