The latest round led by Zeev Ventures also includes a follow-on investment from Group 11 (f.k.a. SGVC) with the participation of three new investors: 01 Advisors, a fund founded by Dick Costolo, former Chief Executive Officer of Twitter, and Twitter’s former COO Adam Bain, Greenspring Associates, and TrueBridge Capital Partners.
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Founded in 2010 by Chen Amit and Oren Zeev, Tipalti has raised $136 million to date, according to company statements. The company based in San Mateo, California, and in Herzliya, Israel.
According to the company, Tipalti operates a cloud-based payables automation service that processes over $8 billion in transactions annually.
Tipalti’s technology is aimed at fast-growing mid-market companies, companies employing anywhere between 20 and 1,000 employees, who have traditionally been underserved by banks. The solution provides clients with the ability to accessing the services that are otherwise only available to large enterprises, such as cross border payments, currency conversion, and payments across a wide range of methods.
Tipalti counts Amazon, Twitter, Vimeo, and Foursquare, among its clients.
Investor Dick Costolo, Founding Partner of 01 Advisors and former Chief Executive Officer of Twitter, said “While at Twitter, we chose Tipalti and they played a pivotal role in enabling us to scale and grow. Tipalti’s platform was crucial In helping us manage payments to thousands of our publishers and partners around the world with ease, while delivering a flawless experience. Investing in Tipalti allows us to help bring the same benefits we experienced as operators to the thousands of companies that need this support.”
FinTech is one of the most prominent startups in Israel, with 417 companies, according to Startup Nation Central data. Many startups in the field are engaged in gathering and analyzing information from a variety of sources, from which to assess risk and assist in making business decisions.