Tipalti, an Agoura Hills firm that offers automated cloud payout services, announced on Wednesday it has received $13 million in a funding round led by Wicklow Capital.
The company plans to use the Series B funding to aggressively grow sales and marketing, invest in product development and research development, and to expand its business to new markets.
Tipalti’s services automate business payments. For companies that may have a large number of payouts, such as an affiliate advertising network, Tipalti would handle all the multiple payments to advertisers.
Tipalti currently serves more than 250,000 payees and processes over $1 billion annually. Customers include Chartboost, TouchofModern, PulsePoint, Disqus and Matomy. The company has offices in Sunnyvale and Ramat HaSharon, Israel.
The company, founded in 2010, has declined to state the amount of its prior funding. However, the company said it has received prior investments from Wicklow Capital; former Netflix Chief Executive Barry McCarthy; Dan Rose, a Facebook executive; and Dan Rosensweig, chief executive of Chegg.
Wicklow Capital in Chicago was founded by Daniel Tierney and Stephen Schuler, co-founders of GETCO and current board members of KCG Holdings Inc.