US-based global payables automation solution provider Tipalti secured $150m investment in Series E funding round, bringing the company’s valuation to over $2bn.

The funding round was led by Durable Capital Partners, which was joined by Greenoaks Capital and saw participation from current investor 01 Advisors.

The latest capital raise brings the total amount raised by the company to date to about $280m.

Tipalti will use the fresh funds to focus on product development, boost its growth, and expand its presence globally.

The B2B fintech firm aims to improve its position in the market as the preferred choice for high-velocity financial institutions around the world.

Tipalti said it will use the money to expand its developer, product management, customer operations, sales, and business development teams.

The company’s global payables automation solution allows customers to automate their global accounts payables operations.

Tipalti co-founder and CEO Chen Amit said: “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. Tipalti is clearly needed and this enables us to be ready for all that demand.”

Tipalti has managed to exceed $12bn in annual transaction volume in this year alone, representing an 80% growth in its second quarter.

The fintech firm has 1000 customers and employs 350 people globally.