Former Twitter CEO Backs Payment Automation Startup Tipalti in $76 Million Round

Payment automation startup Tipalti Solutions Ltd. has raised a $76 million series D funding round, the company announced Tuesday. Venture firms Zeev Ventures LLC and Group 11 led the round, with participation from 01 Advisors, which was founded by former Twitter CEO Dick Costolo and ex-COO Adam Bain, as well as Greenspring Associates.

Founded in 2010 and based in San Mateo, California and the central Israel coastal town of Herzliya, Tipalti operates a cloud-based payables automation service that processes over $8 billion in transactions annually, according to company statements. Tipalti markets its service to companies employing anywhere between 20 and 1,000 employees, but the company also works with teams larger than this benchmark, the company’s CEO Chen Amit said in a Monday interview with Calcalist. Tipalti counts Amazon, Vimeo, Foursquare, and Twitter among its clients, Amit said. By 2020, Amit estimates the company will employ a team of 400, of which 300 will be based in Israel. The company has raised $136 million to date, according to company statements.

While at Twitter, Tipalti played a pivotal role in enabling the media company to scale and in helping manage payments to thousands of publishers and partners around the world, Costolo said in a statement. “Investing in Tipalti allows us to help bring the same benefits we experienced as operators to the thousands of companies that need this support,” he said.