CPO Rising’s Technology Round-Up Series returns today with fresh supply management technology news and updates covering a few recent major announcements. If you are a sourcing, procurement, or spend management solution provider and you are continually innovating the way that procurement and supply chain leaders and practitioners drive value, we’d love to hear from you. Please drop us a note at info at cporising dot com. Thanks, and enjoy!
Tipalti Records 41% YoY Global Customer Growth
FOSTER CITY, Calif. — Tipalti, a leading global finance automation platform, reported remarkable momentum in the first half of 2023, processing more than $50B in payment volume annually. The company increased its global customer base to more than 3,500 — a 41% YoY growth.
At its third annual Illuminate conference, Tipalti announced a slew of new products and enhanced capabilities, supported by its $150 million raise in incremental growth funding led by JPMorgan Chase Bank and Hercules Capital earlier this year.
Additionally, the company announced the general availability of Tipalti Expenses, a comprehensive solution for automating and managing employee spending and reimbursements globally, to round out its suite of product offerings. Tipalti Expenses seamlessly integrates with Tipalti’s platform, which automates AP, mass global payments, procurement and cards, to improve financial visibility and reduce errors and fraud.
According to Chen Amit, CEO and co-founder of Tipalti, “We are incredibly proud of the exceptional growth and achievements Tipalti has accomplished already in 2023,” he said.
“Our team’s dedication, innovative spirit and commitment to our customers have been instrumental in driving our success on a global scale. We are excited about the future and will continue revolutionizing finance operations for businesses worldwide through our unparalleled automation solutions,” Amit added.
Read the full announcement here.
Conduent’s Newest Solution Finds Hidden Capital
FLORHAM PARK, N.J. — Conduent Incorporated, a global technology-led business solutions and services company, announced its latest Finance, Accounting and Procurement (FAP) software solution, FastCap® Finance Analytics, a new technology platform that uncovers hidden working capital, which frees up cash for operations, improves financial security, and supports growth.
The company stated that finance teams are challenged to pinpoint cash leakage because their technology is often fragmented across multiple accounts payable platforms. Teams have limited use of process automation tools and lack accurate and timely analytics and reporting.
According to Randall King, president, commercial solutions at Conduent, “FastCap combines Conduent expertise and advanced technology to deliver the highest value in capital recovery with an outcome-based pricing model. This capability enables Conduent to quickly zero in on the best areas to recapture significant funds — without causing disruption or risk to a business,” he said.
Conduent shared that FastCap Finance Analytics delivers outcomes using:
- Spend Forensics – financial data mining that analyzes spend across targeted categories to provide recommendations and opportunities for quick wins.
- Accounts Payable Post Payment Audit & Recovery – identifies and recovers erroneous, overpayments, duplicate payments and other errors after payment has been made.
- Vendor Statement Solicitation & Recovery – validates outstanding statement credits to determine the root cause of the issue and recover the credits.
- Contract Audits – digitizes contracts, purchase orders and invoices to identify key leakage areas.
- Freight Audits – identifies and audits small parcel shipments via freight payables to improve rates, collect overpayments and recover duplicate payments.
In 12 months, across 17 clients, FastCap has delivered $69 million in cost savings through recoveries, optimizing the supply base, and improving contract compliance by 33%, says the company.
Read the full announcement here.
Procurify Raises $50 Million in Series C Funding
VANCOUVER & TORONTO, Canada — Procurify, a leading all-in-one spend management solution for mid-market organizations, has raised $50 million USD in a Series C funding round led by Ten Coves Capital, with co-investment from Export Development Canada (EDC) and participation from existing investors including Information Venture Partners and HarbourVest, et al.
The latest investment, which more than doubles the company’s total equity funding to over $70 million, will enable Procurify to expand globally, launch new payment capabilities, and provide customers with an AI-enhanced procure-to-pay experience.
The company stated that spend management is one of the most significant challenges faced by organizations. As companies grow, it becomes increasingly complex to oversee millions of dollars in purchasing, approvals, invoice processing, and payments. Mid-market organizations currently have to choose between expensive legacy software or multiple point solutions that lead to fragmented data and a poor user experience. Procurify’s end-to-end platform enables organizations to consolidate workflows and data into a single system of record, unlocking real-time spend insights.
According to Aman Mann, co-founder and CEO of Procurify, “This funding round will support our mission to give organizations real-time visibility and control over all business spend,” he said. “Understanding how money exits the company is just as crucial as tracking the money flowing in. Not only do we want our customers around the globe to spend wisely and grow during the best of times, we also want them to leverage responsible spend practices to thrive during the worst of times.”
Read the full announcement here.
Boost Payment Solutions Launches Boost 100 to Maximize Card-Based Payments
NEW YORK — Boost Payment Solutions, a global leader in B2B payments, announced Boost 100, a new platform that enables buyers to pay by card 100% of the time, regardless of how their suppliers choose to be paid. A key addition to Boost’s award-winning suite of solutions, Boost 100 is focused squarely on the specific needs of buyers who want to digitally transform their accounts payable processes for more flexibility and control while optimizing their working capital.
According to the company, Boost 100 was specifically designed to address this need by empowering enterprise-level buyers to pay by card 100% of the time, regardless of how each supplier prefers to get paid. To do this, Boost 100 introduces a suite of capabilities, including:
- Optimize working capital while extending days payable outstanding with issuer grace periods.
- Capture incremental card spend via a wide range of payment delivery options.
- Automate all payments with Boost’s patented straight-through processing solution, eliminating the need to manually key card data into supplier portals.
- Reduce costs for cross-border / international payments.
According to Dean M. Leavitt, founder and CEO of Boost Payment Solutions, “As the leader in B2B payments for large enterprises across industries, we know the pain buyers feel in trying to manage payments to their large, diverse group of suppliers. It’s a headache that negatively impacts their working capital so we built Boost 100 specifically for them,” he said.
“With the growing demand for faster and more efficient B2B payments, Boost 100 finally gives buyers more flexibility and control over their card spend and underscores how Boost continues to innovate and expand our suite of solutions to meet the digital payment needs of today’s businesses,” Leavitt added.
Read the full announcement here.
Stampli Raises $61 Million in Series D Funding
MOUNTAIN VIEW, Calif. — Stampli, a leader in AI-powered accounts payable automation, announced that it has raised $61 million in a Series D venture funding round led by funds managed by Blackstone, with the participation of existing investors Insight Partners, SignalFire, Bloomberg Beta, and NextWorld Capital. This latest funding round takes the total amount raised by the company to over $148 million.
The company stated that accounts payable automation and B2B payments represent a massive and largely unpenetrated market. Put simply, every business has to pay bills, which means every business has an accounts payable function. Launched in 2015, Stampli is today one of the fastest-growing providers of accounts payable automation and ePayment services. In August alone, Stampli processed more than 1 million invoices totaling a collective value of more than $5 billion.
Eyal Feldman, CEO and co-founder of Stampli, says in this macroeconomic environment, where companies have to be more careful with their spend and their cash, Stampli became the solution of choice due to our superb user experience, super-fast implementation and deep ERP integration capabilities.
“We chose Blackstone as our partner because of our shared vision and experience driving operational efficiencies through best practices, technology and AI. I am honored that they see a similar fit in our company. Together, we will make Stampli one of the largest FinTech companies in the world,” Feldman said.
Read the full announcement here.
