Tipalti, an Israeli fintech company valued at over $1 billion, is buying Statement, another Israeli startup. The statement is known for using AI to help businesses manage their cash flow more effectively.
The deal was signed on Tuesday and will make Tipalti’s financial tools even stronger. The exact price wasn’t shared, but it’s estimated to be between $10 million and $20 million.
According to Chen Amit, CEO and co-founder of Tipalti: “This announcement comes during a week of ongoing conflict. Our primary concern remains the safety of our employees and their families. Tipalti, and Israeli high-tech more broadly, continues to demonstrate strength, resilience, and consistency in supporting the Israeli economy. We look forward to calmer days.”
Statement was founded in 2022 by Idan Vlodinger (CEO) and Shahar Lahav (CTO). The company works out of Tel Aviv and New York and has built an AI-powered platform to help businesses better understand and manage their cash flow in real-time.
Statement’s tool helps companies automate and simplify tasks like tracking cash balances, predicting future cash flow, and analyzing financial data. It works with many systems, including banks, ERPs, billing tools, and databases, making financial management much easier and faster.
In October 2023, Statement raised $12 million in seed funding. The round was led by Glilot Capital Partners, with support from Citi, Mensch Capital Partners, Titan Capital, and Operator Partners.
Before starting Statement, Idan Vlodinger worked as Vice President of Product & Innovation at Mastercard, led product development at Amazon, and was a consultant at EY. He also served for over ten years as a Special Operations combat officer (Major) in the Israeli Defense Forces (IDF).
Shahar Lahav worked for six years as a cybersecurity researcher and team leader in the IDF’s encryption and information security unit. Before that, he sold his first startup, which created indoor location technology, when he was just 19 years old.
Tipalti offers a wide range of financial automation tools that help businesses with things like global payments, invoicing, buying goods, managing employee expenses, corporate cards, handling vendors, tax compliance, and payment tracking.
The company works with big banks and financial companies like Citi, Wells Fargo, J.P. Morgan, and Visa. Tipalti helps over 5,000 companies worldwide pay millions of suppliers in more than 200 countries using 120 different currencies.
Since it started, Tipalti has raised more than $550 million. Its biggest recent funding was in December 2021, when it raised $270 million at a company value of $8.3 billion. In 2023, Tipalti also secured a $150 million credit line to help it grow even more.
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