Israeli fintech company Tipalti is laying off 123 employees, representing 11% of its total workforce of 1,086. Tipalti employs 410 people in Israel, 37 of whom will leave the company as part of the layoffs.
In December 2021, Tipalti received $270 million in Series F financing at a valuation of $8.3 billion, bringing its total financing to just over $550 million. The company quadrupled its Series F valuation compared to its $150 million Series E the previous year. The round made Tipalti the second most valuable fintech company in Israel at the time.
“Over the past three years we expanded the company and the team, built a significant product and we served thousands of customers, with our customer-base constantly expanding while significantly increasing our revenue,” Tiaplti wrote in a statement. “Over the past year we experienced strong demand for our financial automation solutions and ended our best-ever quarter by signing new clients. Nevertheless, we need to adapt to the changing financial landscape and we are announcing a reorganization that includes laying off 11% of the company’s employees, alongside other cutbacks of the company’s expenses. The meaning for our Israeli site is that we are parting with 9% of the local employees. We thank our friends, colleagues, and talented staff members with which we worked. The departing employees will receive an expanded package and support from company employees who will continue to guide them during their career change.”