Global financial tech startup Tipalti plans to open a new office in Plano next year as part of its global expansion, and is planning to hire 100 employees by the end of 2022.
San Mateo, Calif.-based Tipalti garnered national attention in 2020 when it completed a $150 million funding round, valuing the company at more than $2 billion and earning it a rare “double unicorn” status in the startup world.
Tipalti’s bread and butter is providing middle-market companies with cloud-based software that automates their finances, including accounts payable and payment management, touting that it can eliminate 80% of the workload behind the mundane yet critical work of finance departments.
Its target client tends to be tech-centric and is one with complex enough accounting operations to warrant buying automated software. Tipalti’s clients include Amazon, Twitter, Twitch, GoDaddy, Boston Globe Media, ZipRecruiter, Vimeo and Canva. Tipalti has raised $295 million to date from investors, including former Twitter CEO Dick Costolo’s 01 Advisors.
The Plano office will be Tipalti’s fourth, and comes on the heels of rapid revenue growth. The fintech firm saw an 83% increase in revenue in the first half of 2021 compared to 2020. Tipalti has landed on the Inc. 5000 fastest-growing private companies list four years in a row.
By November, Tipalti plans to have its North Texas employees working out of shared workspace and will initially hire as many as 25 new employees by the end of the year. The shared workspace is temporary and influenced by the remote nature of Tipalti’s work during the ongoing pandemic.
Tipalti has yet to select an exact location for its office in Plano but is eyeing the Granite Park mixed-use office community, Tipalti’s chief customer and operating officer Manish Vrishaketu said. It expects to have the new office locked down by the end of first quarter 2022.
And by the end of 2022, Tipalti expects to bring on 100 or more new employees in the Plano office.
Identifying cities with a talented workforce was a major factor in Tipalti’s decision to put operations in North Texas, Vrishaketu said. Vrishaketu will lead the new office from the company’s HQ in California as well as bring on leadership locally in Plano.
In a statement, Plano Mayor John Muns expressed his excitement about Tipalti’s selection of Plano for the new office.
“This latest move speaks volumes about our city continuing to provide a friendly business climate for companies to relocate or expand,” Muns said. “Tipalti is named after a Hebrew expression: ‘We handled it.’ In the same spirit, the city of Plano ‘handled it’ too by successfully attracting yet another outstanding global business.”
Plano has attracted a number of high-profile business investments and relocations in recent years, including landing Toyota’s North American headquarters in 2017 — one of the largest corporate relocations in modern Texas history.