Payables automation platform Tipalti has expanded into Europe with the opening of a London office and plans to invest £100 million over a five-year period.
The fintech unicorn, valued at $2 billion+ (£1.46 billion), launches in the market following 83% YoY growth in North America.
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 got over 50 customers in the market.
It has added its UK-based subsidiary to the Tipalti group as it seeks expansion, before trying out other unnamed countries in Europe. The Tipalti Europe website states that it is based in Chinnor in Oxfordshire.
Tipalti – which comes from the Hebrew expression for ‘we handled it’ – offers a solution that automates the accounts payable process, while also executing global payments.
The California-based firm has more than 1,500 customers including Amazon-owned Twitch, National Geographic, event technology platform Hopin, GoDaddy, Canva, Twitter, Headspace, WordPress and Cazoo.
The company moved its CMO of over seven years, Robert Israch, from San Francisco to London, to lead its European business as General Manager.
Israch comments: “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.”
Tipalti says its cloud-based solution has been fully localised for the UK. It includes supplier management, VAT compliance, procurement, invoice management, PO matching, self-billing, global payments and payment reconciliation. Its FCA-approved e-money licence gives businesses the ability to manage domestic and cross-border payments, and FX conversion within the payables platform.
Tipalti was founded in 2010. It also has offices in Vancouver and Glil Yam (Israel). It also recently expanded into Texas.