Automated B2B payments provider Tipalti has raised $14m in a new round of funding led by SGVC.
The Palo Alto-based startup aims to automate mass payments for global businesses while maintaining tax and regulatory compliance across remittances processes.
It claims to have seen 200% year-on-year growth in 2015 to reach $2bn in annual payment remittance.
This year the company expanded its offering into invoice payments.
Tipalti say it will use the capital to increase the range of company sizes, industries and regions that it serves. It will also expand its sales and R&D operations.
Company CEO and founder Chen Amit said, “we will expand our product, team and business to increase our market leadership position as the supplier payments automation solution of choice for finance organizations at global enterprises,”
The round follows the $13m Sereis B round Tipalti raised in October 2014 from SGVC and Wicklow Capital.
Copyright © 2016 FINTECH GLOBAL