What do you do just after raising $14 million? Expand. Supplier payments firm Tipalti’s CEO, Chen Amit, tells PYMNTS where the firm might put that money to work in the near term.
On the heels of news earlier this week that supplier payment solution player Tipalti has gathered $14 million in its latest financing round, PYMNTS caught up with CEO and Cofounder Chen Amit to discuss the near-term uses for that money and what the outlook may be for Tipalti going forward.
“We’re looking to expand,” said the executive, in a move that would keep focus on the current product line of supplier payments automation. The fact remains, said Amit, that “we’ve barely begun to scratch the surface, at less than 1 percent of the opportunity in this market.”
Of the $14 million that Tipalti attracted from venture capitalists, some of that will be slated toward hiring new sales and marketing staff, Amit told PYMNTS, with intent to bring payments automation to what he called “a broader range of industries” that might be a natural fit for such automation. This would entail efforts to foster adoption among communications firms, real estate and textile enterprises and, in terms of size, mid-market companies.
Tipalti’s marketing efforts, he stated, would encompass traditional online channels but also broaden to in-person events, with some presence within industry publications as well.
The $14 million closed in the latest funding round with SGVC as leader and the total raised to date of about $31 million beg the question as to even longer-term strategies. As in, public or private? Amit maintained that the private markets are robust enough to be tapped by the firm for funding efforts should the need arise and that conduit remains healthy enough to “satisfy growth plans.”
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