Tipalti Raises $150 Million; Google Partners with Instamojo: News Roundup

PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.

Fintech Funding

Payments automation provider Tipalti has raised $150 million. The company, which uses AI and machine learning to automate payments workflows for companies like Roku, Twitter and Vimeo, plans to use the funds to increase staff. Tipalti claims more than $12 billion in annual transaction volume, and it reported growth of 80% over the previous year for the second quarter. From VentureBeat.

Digital Download

A report from Matrix Partners India says that digital payments are undergoing a second growth spurt, following the first surge after that country’s demonetization event in 2016. This is in part because traditionally offline payment channels are increasingly being digitized. The report was a survey of representatives from 70 of India’s fintech companies. It also found that while the pandemic had significant short-term impact on many companies in the segment, most of them expect to recover within the next three to six months. From YourStory.

Like many other markets, Singapore is continuing an ongoing decline in cash use. According to a report from McKinsey, cash will likely be used in about 39% of transactions this year, down from 59% 10 years ago. Unsurprisingly, the coronavirus pandemic is expected to accelerate that trend, as more consumers have adopted digital technology. From The Straits Times.

As part of an ongoing initiative to make digital tools available to small businesses, Google is partnering with Indian PF Instamojo. The company will offer a free six-month subscription to its premium online store to participants in Google’s “Grow with Google” program. The move is intended to help brick and mortar merchants move their businesses online. From Entrepreneur.