TIPALTI
19.9.2023 06:01:28 CEST | Business Wire | Press release
Tipalti, the leading finance automation platform, today announces the launch of a fully localised solution for the European market, along with a recently granted Electronic Money Institution (EMI) licence from De Nederlandsche Bank (DNB).
Manual finance processes continue to swallow over a third (34%) of European finance teams’ time.1 With its finance automation technology, Tipalti aims to eradicate this – enabling finance teams to have the time to contribute to strategic work that aids growth.
Building on its success in the UK, the new localised offering and licence enables Tipalti to offer a full spectrum of payment solutions and capabilities to more businesses across Europe. Overcoming inefficiencies, reducing friction in existing payment and administrative finance processes and increasing visibility and control will now be a reality for more businesses in the region, bringing speed and reliability of payments to a currently underserved market.
Tipalti is improving the operations of finance teams across all verticals with automation, including that of German-born Linkvertise. Maximilian Bentein, Head of Publisher at the online marketing service platform said: “Keeping over five-million content creators satisfied and paid on time is no easy task manually. With Tipalti, we have been able to automate the heavy load, keep our customers happy and achieve our ambitious growth plans in the region.
“As a German company with clients across Europe and the world, we’re delighted that this new, truly localised solution is now a reality - giving us an even easier way to handle our payouts and reach our goal in monetising worldwide creativity.”
Just two years after launching in Europe with a UK HQ, and one year after launching in Amsterdam, the unicorn valued at $8.3bn+, currently has over 100 customers in Europe, powered by a growing workforce of over 100 employees.
The launch of a European product and the EMI licence is a key stepping stone for Tipalti’s further European expansion into key European markets, including Germany and the Nordics, with expectations that the continent will bring in at least 20% of the company’s new business by the end of 2024.
Rob Israch, President of Tipalti, said: “We know that economic growth in Europe is predicted to be 1% for 2023 – which lags behind the US which saw 2.4% growth in the second quarter of this year.
“Now more than ever, businesses in the region need localised tools that eradicate manual processes, drive efficiency and give them a competitive edge - because time spent on manual finance processes is time spent away from strategic initiatives that drive growth.
“With our fully localised solution and strategic financial institution partnerships throughout Europe, Tipalti is in a strong position to help businesses achieve the sustainable growth needed. With a huge addressable market to serve, the opportunity for Tipalti in Europe is massive.”
Tipalti also announced that on 21st September, it will host its third annual Illuminate conference in which industry experts come together to discuss how automation, AI and innovation are shaping the future of finance. In addition to this, it will launch its expenses solution to deliver an easy-to-use product that handles employee global reimbursement needs, while connecting seamlessly with its end-to-end AP, mass payments, and procurement solutions. For more information, visit tipalti.com
About Tipalti
Tipalti is the only company handling both Global Partner Payments and Accounts Payable workflows for high-velocity companies across the entire financial operations cycle: onboarding and managing global suppliers, instituting procurement controls, streamlining invoice processing and approvals, managing employee expenses, executing payments around the world and reconciling payables data across a multi-subsidiary finance organisation. Tipalti enables companies to scale quickly by making payables strategic with operational, compliance, and financial controls. Companies can efficiently and securely pay thousands of partners, suppliers, and employees in 196 countries within minutes. Thousands of companies, such as Amazon Twitch, GoDaddy, Roku, WordPress.com, and ZipRecruiter use Tipalti to reduce manual workload by 80% and accelerate the monthly close by 25%, while strengthening financial and spend controls. For more information, visit tipalti.com/en-eu/.
1Tipalti commissioned Insight Avenue to conduct an independent study, comprising 500 interviews with Finance and AP leaders in the US, UK, Netherlands and Belgium. Interviewees were with high-growth businesses (revenue growth of 20% or more in the last 12 months) with 50 – 1,000 employees. Interviews were conducted during March 2023.
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