Henry Ellenbogen, Founder, Durable Capital Partners. Durable Capital Partners led the $150 million round for Tipalti. Photo credit: Kevin Moloney/Fortune Brainstorm Tech, licensed under Creative Commons

Tipalti, an accounting software upstart, has announced that it’s raised $150 million in a new round that pushes its valuation to over $2 billion. The new financing round was led by investment firm Durable Capital Partners, with participation from Greenoaks Capital and 01 Advisors. It brings the total amount of equity financing raised by Tipalti since its founding to around $280 million. Tipalti will make use of the new capital to fuel its global expansion.

Tipalti is a payments automation solution for businesses. The company develops software that helps businesses to automate manual supplier payment processes, with Tipalti claiming that it typically reduces the workload for enterprises to handle their supplier payments by 80%. In the past year, Tipalti has handled $12 billion in payments for customers and ended the second quarter of this year with a year-over-year growth rate of more than 80%. In this year, Tipalti surpassed 1,000 enterprise customers for the first-time ever and opened its third office in the Canadian city of Vancouver. Currently, Tipalti has over 350 employees.

“This new round of investment will allow us to further accelerate our innovation edge as a leader in the payables automation space and expands our solution to the larger market,” said Chen Amit, CEO and Co-founder of Tipalti, in a press statement. “Tipalti is clearly needed and this enables us to be ready for all that demand.”

Tipalti was founded in 2010. The company is based out of the city of San Mateo, California. 

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