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Tipalti quadruples value with $270m fundraise

Tipalti, which has seen a quadrupling of its value since last year, will use the funds to beef its product roadmap, as well as fund global expansion.

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A fintech that uses AI to simplify companies’ accounts payable function has raised $270m, valuing it at $8.3bn.

Tipalti’s Series F found round of $270m means that it has hitherto raised over $550m.

Its $8.3bn new valuation is a marked uplift on its $2bn valuation during its $150m series E round in October last year.

Tipalti says it will use the funding to beef up its its product roadmap and customer operations,  as well as help fund expansion to other countries beyond its native US and Canada.

The US-headquartered fintech announced the opening of a London office in October.

The latest funding round was led by G Squared, with new investors including Marshall Wace and funds and accounts managed by Counterpoint Global, in addition to current investors Zeev Ventures, Durable Capital Partners, and 01 Advisors.

“This latest investment will enable Tipalti to add more to our product lines and capabilities in the next 18months than we have over the past 10 years combined,” said Chen Amit, co-founder and CEO of Tipalti.

Tiptalti uses AI to simplify companies’ accounts payable function, payments, and various accounting services from a single cloud platform. Its core market is mid-sized businesses.

Tipalti currently processes over $30 billion in total annual payments volume and has over 700 employees globally.

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