Tipalti to invest £100m in the UK with London expansion
By Joy Dumasia
Tipalti, the leading global payables automation platform, announces expansion into Europe by opening a London office delivering the UK’s first solution that automates the entire accounts payable (AP) process while also executing global payments.
The unicorn, valued at $2 billion+, launches in the market following 83% YoY growth in North America. It estimates to invest £100m over five years, marking a key milestone in its international expansion. Tipalti helps high-velocity businesses eradicate manual payables processes, the most time-consuming function in the finance department, and has more than 1,500 customers, including Amazon Twitch, National Geographic, Business Insider, Farmdrop, Hopin, Cazoo and Time Out.
Tipalti’s cloud-based solution has been fully localised for the UK, helping high growth businesses streamline AP processes and execute global payments. Its end-to-end AP offering addresses the entire workflow, including supplier management, VAT compliance, procurement, invoice management, PO matching, self-billing, global payments, payment reconciliation and more.
Tipalti Europe, which has opened offices in central London, will create 200+ UK jobs over the next three years, with over 40 hires across engineering, sales, customer success, compliance, and more filled by the end of 2021. It has already seen great traction in the market with over 50 customers. Adding the UK-based subsidiary to the Tipalti group allows it to focus on the market and expand its solutions, including regulated payment services, before expanding to other countries in Europe.
Robert Israch commented on Tipalti’s UK launch: “There’s a clear need and benefit for Tipalti’s technology in the UK. We know the strong desire for businesses in the market to scale; in fact, almost a third (28%) of UK CEOs said international growth is a top priority in 2021 and beyond. However, time-consuming manual finance processes and piecemeal solutions are holding them back. We want to change this. We know, now more than ever, and in this current climate, finance teams need to be empowered with great technology that modernises finance departments and provides finance leaders with greater visibility and control. Tipalti’s scalable solution is purpose-built to help businesses achieve their ambitious growth plans and meet changing needs whilst also managing the major payables and financial operations challenges brought with this.”
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