Accounting software firm Tipalti expands to Europe with EMI licence and localised offering
US-based finance automation platform Tipalti has expanded its operations into Europe having secured an Electronic Money Institution (EMI) licence from De Nederlandsche Bank (DNB).
Tipalti lands EMI licence in Europe
Additionally, the company has also launched a “fully localised” solution catering to the European market, enabling Tipalti to offer payment solutions to more businesses across the continent. The news follows Tipalti securing $150 million in growth financing this May.
Tipalti established its headquarters in the UK two years ago, followed by its launch in Amsterdam last year. It claims it currently has over 100 customers in Europe, as well as an expanding team of over 100 employees.
By introducing its localised offering in Europe, Tipalti aims to tackle what it calls an “underserved market” and “eradicate” the time-consuming manual processes affecting European businesses.
“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,” says Rob Israch, president of Tipalti.
“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.”
With an EMI licence now in hand, Tipalti aims to penetrate deeper into Europe, including Germany and the Nordics, expecting this market to bring “at least 20% of the company’s new business” by the end of 2024.
