FinTechs Raise Funding For Supplier Payments, Compliance Automation

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Venture capital funding landed at supplier payment and compliance automation firms this week, among other B2B innovators that raised money.

PYMNTS rounds up the latest funding rounds below.

Tipalti

The big B2B investment of the week was Tipalti, which landed $150 million in new funding on a $2 billion valuation.

The valuation puts the accounts payable (AP) and mass payments company well into “unicorn” territory, meaning it is valued at over $1 billion.

Tipalti indicated that it would be harnessing the funding to focus on its product roadmap, speed up its growth trajectory, expand its international presence and “increase its market-leading position as the preferred solution for high-velocity companies across the globe,” according to an announcement.

Durable Capital Partners led the funding round, while 01 Advisors and Greenoaks Capital participated.

“We believe that Tipalti has the potential to become a much larger company within the Midmarket space due to its differentiated holistic platform, superior global capabilities, and management team,” Durable Capital Partners LP Managing Partner and Chief Investment Officer Henry Ellenbogen said in an announcement.

Eclypsium

Enterprise device security firm Eclypsium has notched $13 million in an oversubscribed funding round, which brings the overall funding of the firm to $25 million.

Eclypsium will harness the infusion for growth, while it plans to keep building out the functions of its platform to handle heightened market demand.

The round included new investors TransLink Capital, AV8 Ventures, Alumni Ventures Group, Mindset Ventures and Ridgeline Partners. Furthermore, Madrona Venture Group, Intel Capital, Ubiquity Ventures and Andreessen Horowitz took part as return investors.

“We have built world-class expertise and technology, in partnership with our customers, to address the firmware risk,” Eclypsium CEO Yuriy Bulygin said in an announcement. “We are proud to have the support of these new investors, in addition to our returning backers, each of whom will help us expand into new verticals and geographies.”

Strike Graph

Strike Graph, a compliance automation firm, has launched with a $3.9 million Madrona Venture Group-led seed round.

Revolution’s Rise of the Rest Seed Fund, Amplify.LA and Green D Ventures participated. The new funding will assist Strike Graph in hiring for more cybersecurity and engineering roles.

By helping firms scope appropriately sized audits and dynamically modify controls, Strike Graph seeks to take away the confusion around cybersecurity audit and certification procedures.

“Security certifications allow companies to prove they can be trusted to protect shared data that is a required part of doing business,” Strike Graph CEO and Co-Founder Justin Beals said. “The Strike Graph platform helps companies identify the appropriate controls, conduct their risk assessments, and then automate the maintenance of auditable cybersecurity certifications.”

Zira

Zira Technologies, a workplace management technology platform, has notched $3.1 million through its first round of financing.

Abstract Ventures and General Catalyst, the head investors, were joined by angel investors in the round.

Zira’s platform maximizes workforce efficiency and employee morale for labor forces that are based on shifts. To that end, the platform tackles everyday work, like scheduling shifts or rating performance.

Firms in the U.S., Canada, India and Mexico can access Zira’s technologies.

“After talking with hundreds of managers and employees across a variety of industries, we felt it was time to take the burden off of managers and their employees,” Zira Co-Founder and CEO Tito Goldstein said. “By providing a tool that makes these modern strategies a few clicks away, Zira can unlock the potential hidden in our world’s workforces.”

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