B2B fintech unicorn completes first acquisition, hires GM of Mass Pay, continues aggressive employee hiring
Tipalti, the leading global payables automation company, grew its revenue by 83% in the first half of 2021 relative to the first half of 2020. Tipalti continued its rapid growth, surpassing $23 billion in annualized transactions in the first half of 2021, up from $18 billion in the second half of 2020 and 115% from the first half of 2020. Tipalti also surpassed the 1,500 mark for active customers.
“With Tipalti’s leadership position in the Mass Pay space, we are very excited to have Paco Suro join our team to help accelerate our innovation within this critical segment.”
Tipalti added 191 employees around the globe in the first half of 2021, bringing the total number to nearly 600. The company plans to hire over 200 additional employees in the second half of 2021.
Tipalti hired payments expert Paco Suro as its new General Manager of its Mass Pay business. Paco brings substantial experience from his previous roles at Shopify, where he led its ‘Money’ business, and served as the Head of Payments and Financial Operations for Twitter. He also brings leadership and change management experience, digital economy knowledge and passion, global payments expertise, leadership in finance and treasury, and knowledge as a user of Tipalti. Paco will lead Tipalti’s Mass Payment (MP) business, which includes the gig economy, online marketplaces, internet, adtech, gaming, and burgeoning creator economy sectors.
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Notable customers joining the Tipalti platform in 2021 include fast-growing industry leaders: Hootsuite, Tempus Labs, Deliverr, Brookfield Asset Management, BARE International, VTS, ONErpm, Sezzle, and Hopin. The payables automation provider also established new industry partnerships with Donnelley Financial Solutions (DFIN) and Integrated Data Technology (IDT).
“With business getting more complex and specialized, it was important that we at IDT choose a partner that has a scalable platform in delivering accounts payable automation,” says Roger Hoyte, President and CTO, IDT. “A platform that serves and integrates with just about every type of business and ERP solution—that’s where Tipalti shines.”
In April, Tipalti announced its acquisition of Approve.com, a cloud procurement solutions provider, to expand its portfolio of financial operations solutions. In June, Tipalti announced new capabilities with enhanced Tipalti Multi-Entity and Multi-FX offerings that make it easier for companies with global subsidiaries to seamlessly and securely manage their accounts payable data and processes at the entity level, while also simplifying foreign exchange and currency management requirements.
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Tipalti’s achievements were also recognized with awards including TrustRadius’ Best of Finance Software 2021 award for Accounts Payable, sweeping all three categories across Feature Set, Usability, and Customer Support.
“Our continued growth across the entire business is a clear indicator that high-velocity businesses are prioritizing the digitization of their finance operations, and we are proud to support our customers by automating the entire payables cycle, from procurement through to payment,” said Chen Amit, CEO and Co-founder of Tipalti. “With Tipalti’s leadership position in the Mass Pay space, we are very excited to have Paco Suro join our team to help accelerate our innovation within this critical segment.”
Tipalti also announced its first annual finance user conference, Tipalti Illuminate, taking place virtually on October 13-14, which will bring finance leaders of high-growth businesses together to share what it takes to succeed and finance’s critical perspective and central role in this journey.
