Finance automation platform Tipalti unveils solution for EU
Finance automation platform Tipalti has launched a fully localised solution for the European market, which will allow the fintech to offer more payment solutions and capabilities to clients across Europe.
The new product is accompanied by an EMI licence recently granted by the central bank of the Netherlands, De Nederlandsche Bank (DNB). California-based Tipalti, which was valued at more than US$8bn at its latest funding round, will hope to support European businesses in overcoming common efficiencies, reducing friction in their finance processes, and increasing visibility over their costs.
Indeed, the company estimates that manual finance processes swallow up a third (33%) of finance teams’ time. Tipalti’s renewed focus on the European market comes just two years after it launched a UK base and one year since launching in Amsterdam. It currently has over 100 customers in Europe, supported by a growing workforce of more than 100 employees.
The focus will now turn onto new European geographies – starting with Germany and the Nordics – with the ambition for Europe to bring in at least 20% of Tipalti’s revenue by the end of 2024.
European opportunity ‘massive’ for Tipalti
Rob Israch, President of Tipalti, says: “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.”
Maximilian Bentein, Head of the Publishing Department at Tipalti customer Linkvertise, continues: “Keeping over 5m 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.”
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