SAN MATEO, Calif .– (COMMERCIAL THREAD) –Tipalti, a global accounts payable automation company, unveiled new innovations, including the integration of its current procurement and accounts payable solution and a corporate payment card to Enlighten, its inaugural user conference, to help high-speed businesses control costs and improve spend visibility. The company also announced its international expansion, with the release of an optimized solution for UK based companies and the opening of their European headquarters in London as their first location.
“With the addition of the integrated procurement and payment solution and the corporate payment card, we are excited to extend the value we could bring to financial leaders in high-speed enterprises, to make it easier for them to life and enable them to function more efficiently, safely and at a high standard, ”said Chen Amit, co-founder and CEO of Tipalti. “We are also excited to present our bespoke solution in the UK to the finance leaders in the market as there is a clear need and benefit for Tipalti’s technology in the region and our first step into Europe. Over the next 18 months, we will invest more in improving our product offering than we have in our previous 10 years combined. ”
Integrated purchasing and debt solution
Following the acquisition From Approve, a leading cloud sourcing solution, the Tipalti Approve sourcing solution is now integrated with Tipalti’s accounts payable offering, which provides a seamless experience from request to purchase order creation in through payment and reconciliation. The solution creates a single, closed-loop, fully digital process to support purchase requisitions and purchase orders. This improves visibility and control of spending.
Take control of maverick spending with the Tipalti card
The corporate payment card helps control spending across departments and corporate budgets. The Tipalti card will provide transparent reconciliation and receipt management for all card activities.
Initially, it will be offered in a virtual format that will link card purchases to Tipalti to track company spending and have real-time transaction authorization (linked to specific vendors) to reduce fraud and increase revenue. expense control, while also being linked to purchase requisitions. The card is expected to launch in 2022.
Tipalti’s card product will be led by Cards GM Nir Dremer, formerly the head of Stripe Atlas. Under Nir’s leadership, Atlas has grown from an alpha-stage product to one that has captured over 40% market share in an emerging digital business space.
“The promise that finance teams can manage expenses while providing the flexibility to keep all employees happy and productive is great,” says Dremer. “Tipalti’s approach to payment cards ensures that every transaction can be easily pre-authorized and accounted for, while also providing frictionless convenience for corporate buyers. ”
In the wake of continued product growth, Tipalti expands into Europe with the opening of a European headquarters in London – offering the UK’s first solution that automates the entire Accounts Payable (AP) process , while executing global payments. Tipalti’s cloud solution has been fully localized for UK businesses as they continue to grapple with the challenges posed by the pandemic and Brexit. Tipalti is launching at a critical time to empower finance teams to move away from manual finance operations and focus on strategic initiatives to help businesses survive and thrive. Tipalti Europe, which has opened offices in central London, will create more than 200 jobs in the UK over the next three years, with more than 40 hires in the areas of engineering, sales, customer success , compliance and more by the end of 2021. It has already seen great traction in the market with over 50 customers. The addition of 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. .
“There is a clear need and benefit for Tipalti’s technology in the UK. We know the strong desire of companies in the market to grow. In fact, almost a third (28%) of UK CEOs said international growth is a top priority in 2021 and beyond, ”said Rob Israch, Managing Director Europe at Tipalti. “However, time-consuming manual financial processes and piecemeal solutions are holding them back. We want to change that. We know this, more than ever, and in today’s climate, finance teams must be equipped with cutting-edge technology that modernizes financial services and gives finance executives greater visibility and control. Tipalti’s scalable solution is uniquely designed to help businesses achieve their ambitious growth plans and meet changing needs, while managing key challenges related to debt and related financial transactions. ”
Additional news will be announced on the second day of the Illuminate Conference on Thursday, October 14.
Tipalti comes from the Hebrew expression for “We handled it”. Tipalti is the only company to manage both accounts payable and mass payment workflows for high-speed businesses throughout the financial operations cycle: global supply chain integration and management, implementation place procurement controls, streamline invoice processing and approvals, execute payments worldwide, and reconcile debt data within a multi-branch finance organization. Tipalti enables high growth companies to grow quickly by making debt strategic with operational, compliance and financial controls. Businesses can efficiently and securely pay thousands of partners and suppliers in 196 countries within minutes. Thousands of companies, such as Amazon Twitch, GoDaddy, Oscar Insurance, Roku, WordPress.com and ZipRecruiter use Tipalti to reduce operational workload by 80% and accelerate financial close by 25%, while strengthening controls financial and expenditure visibility. For more information visit tipalti.com.