Global payables automation platform Tipalti has raised $150 million in “incremental growth financing” from JPMorgan Chase Bank and Hercules Capital, Inc.
Coming on the heels of a $270 million Series F in 2021 that brought the company’s total funding to over $550 million, Tipalti says this latest raise will enable it to further invest in product innovation and support its customers.
This transaction also extends the relationship between JPMorgan Chase Bank and Tipalti. Since 2016, JPMorgan Chase Bank has served as one of the three major global banks that Tipalti says it uses “to route billions of dollars worth of supplier payments each month on behalf of its customers”.
Tipalti’s new fundraise arrives as the company expands its presence in the music business.
Tipalti recently partnered with Create Music Group to “modernize, centralize and consolidate” the company’s payment processes with end-to-end automation.
The platform also cites GoDigital Media Group as a client on its website.
Tipalti says that its transactions soared by 50% in 2022 to a total annualized payments volume of $43 billion.
The company counts 3,000 mid-market customers across over 196 countries.
Tipalti has also appointed three new C-suite executives.
Perla Stoeckert, named Chief Compliance Officer, re-joined Tipalti in March 2023, and has more than 15 years of experience in financial services, including foreign exchange, online payments, funds transfers and deposit operations.
Prior to Tipalti, Stoeckert served in executive global roles in risk and compliance at OFX, FXCM and Commonwealth Foreign Exchange (MoneyCorp).
Alice Davidson, named as General Counsel, joined Tipalti in April 2023 and is a Securities/M&A lawyer by trade with over 15 years of experience, including “deep fintech”, paytech and crypto expertise.
Before Tipalti, Davidson was the Chief Legal Officer at Mogo, Inc. where she provided counsel on acquisitions, investments, financings and partnerships, and led government relations. Prior, she was an associate at Stikeman Elliott LLP, focused on public M&A, corporate finance and corporate governance.
Des Cahill, meanwhile has been named Chief Marketing Officer, having joined Tipalti in May 2023 and has spent the majority of his 35-year career working with companies in Silicon Valley B2B SaaS.
Cahill most recently served as Global Vice President overseeing product marketing at Oracle and held leadership roles at companies including Kerio Technologies, Ensighten, AOL, HP and Apple.
“It’s a privilege to work with world-renowned leaders like J.P. Morgan and Hercules Capital whose support of Tipalti enables us to accelerate the evolution of our innovative solutions so we can continue to deliver exceptional value to our customers around the globe.”
Sarah Spoja, Tipalti
“Tipalti is seeing tremendous growth as more and more companies adopt our platform to automate their finance operations,” said Sarah Spoja, CFO of Tipalti.
“It’s a privilege to work with world-renowned leaders like J.P. Morgan and Hercules Capital whose support of Tipalti enables us to accelerate the evolution of our innovative solutions so we can continue to deliver exceptional value to our customers around the globe.”
“From the top tier payables automation platform to the pioneering expertise of its executive team, Tipalti is operating from a position of strength and we are pleased to be partnering with the company to support continued growth.”
Catherine Jhung, Hercules Capital
“Hercules Capital prides itself on being the partner of choice for innovative entrepreneurs and companies and Tipalti not only fits this mold, it breaks it,” said Catherine Jhung, Senior Managing Director at Hercules Capital
“From the top tier payables automation platform to the pioneering expertise of its executive team, Tipalti is operating from a position of strength and we are pleased to be partnering with the company to support continued growth.”Music Business Worldwide