Payments fintech company Tipalti has announced the completion of a $270 million raise, which valued the B2B accounting-software developer at $8.3 billion.
Tipalti higher-ups unveiled the over quarter-billion-dollar Series F today, via a formal release that was emailed to Digital Music News. The 11-year-old company – which has made clear its plans to fix the music industry’s growing payments problem – has now raised a total of about $550 million. Tipalti’s previous funding round, a $150 million Series E (at a $2 billion valuation), arrived in October of 2020.
Instacart backer (and former Spotify, Uber, Twitter, and Lyft stakeholder) G Squared led Tipalti’s just-completed funding round, which also drew support from London-based hedge fund Marshall Wace (a new investor), early Audible investor Zeev Ventures (which was established by Tipalti co-founder Oren Zeev), and San Francisco-headquartered 01 Advisors, to name some.
Tipalti intends to use today’s multimillion-dollar tranche to accelerate “product roadmap and customer operations, as well as expand globally to transform global financial operations for high-velocity customers,” according to the San Mateo, California-based company’s announcement message.
Addressing the $270 million Series F’s completion in a statement, Tipalti co-founder and CEO Chen Amit emphasized his ambitious vision for the role that the capital will play during the coming year and a half.
“This latest investment will enable Tipalti to add more to our product lines and capabilities in the next 18 months than we have over the past 10 years combined,” said the former Atrica CEO Amit. “We are on a journey to transform financial operations, relieve finance leaders from those mundane, cumbersome, risky tasks, and elevate the financial capabilities for high velocity organizations to rival those of the Fortune 5000.”
Regarding the business’s recent growth, execs likewise emphasized that Tipalti in 2021 has “launched enhanced capabilities,” opened new offices (in the US, the UK, and Canada), surpassed the 2,000-customer mark, and expanded its team to over 700 individuals worldwide. And annual payment-processing volume, at over $30 billion, has jumped 120 percent year over year, per higher-ups.
In other funding news, the last few weeks have brought a number of multimillion-dollar music-industry raises. Performing-arts networking platform Stagetime in mid-November revealed that it had generated $1.5 million from investors, for instance, while AI-powered electronic music platform Aimi finished a $20 million Series B soon thereafter.
Meanwhile, Nas and The Chainsmokers were among the individuals who participated in blockchain music-investment platform Royal’s $55 million funding round, whereas podcast and audiobook platform Podimo unveiled a $78 million Series B two weeks back.