Global payables automation platform Tipalti has raised $76m in Series D round led by Zeev Ventures.

01 Advisors and Greenspring Associates as the company’s new investors and its existing backer Group 11 also participated in the round.

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Tipalti plans to utilise the additional funding to support its growth and open new offices in North America and Europe. Additionally, a portion of the funding will be invested to accelerate innovation and improve its platform.

Formed in 2010, Tipalti delivers a cloud platform to help its clients overcome payables difficulties.

The technology is developed for mid-market companies and helps them to streamline end-to-end global payables workflow. The platform provides the clients with access to cross border payments, currency conversion and multiple payment methods.

Tipalti CEO and co-founder Chen Amit said: “As companies mature and growth accelerates, manual accounts payable processes are no longer an option.

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“This is where Tipalti comes in and this new round of investment will help us widen our innovation edge as the pace-setter in the payables automation space.”

Zeev Ventures founding partner Oren Zeev said: “It’s well-established that accounts payable is the number one most time-consuming and laborious function in finance today, and for fast-growing businesses, manual AP can impede growth and scalability.

“Tipalti has always been ahead of the innovation curve and this additional funding will allow it to advance its vision of transforming AP and financial operations and making it a ubiquitous solution.”

In July, Tipalti launched NetNow to accelerate supply chain payments. It is available as an element of the Tipalti accounts payable solution.

According to the company, Tipalti has doubled new customer and business bookings in the first half of this year. It has also processed $8bn in annual transactions.