The Israeli FinTech company, Tipalti, which provides a global payables platform, announced that it had surpassed the $11 billion in annual transactions mark, cementing it as a global leader in the industry. It seems as if the ravaging COVID-19 crisis has not really effected the Israeli company which also marked its 1000th customer.
Tipalti developed a cloud-based platform that automates the initial registration forms, transferring of funds to suppliers, as well as adapting forms to fit country of operations' regulations, while also enabling payments in various forms of currency and payment methods. Currently running operations with over 2 million users around the world including Amazon, Twitter, Outbrain, among others.
Company CEO Chen Amit said: "The company experienced a rapid growth spurt over the past few months. In the first half of the year we opened the new offices in Canada, as well as launched our new AI-powered solution to improve decision making in payables..."
In the first half of 2020, Tipalti, opened its third location with their Vancouver, B.C., Canada office; launched its Tipalti Pi solution, which leverages AI and machine learning to improve decision making around payables; and introduced a new initiative to help guilds, nonprofits, and trade groups make payments quickly to members during COVID-19. The company also announced new partnerships with FloQast, Affise, and Myers-Holum, along with enabling seamless payments for video game companies DLive, Gen.G, and Holy Fire Games.
Despite the COVID-19 pandemic, the company continued to experience growth, by finishing up 2020's second quarter with over 80% growth rate compared to last year's numbers. The company was founded in 2010 by CEO Chen Amit and Chairman Oren Zeev. Tipalti has offices in Kibbutz Galil Yam (Israel), California, and now Vancouver B.C. with over $75 million in funds raised to increase the team to 400 employees.