Published: 13 October 2021
Since June 29, Westminster Investment Service has been contacted by businesses who are searching collectively for over 120,000 sq ft of space across Westminster. The service is supporting them in their search as well as providing guidance on other council services.
The service is working in partnership with London & Partners, Business Improvement Districts and property owners to attract sustainable investment to Westminster to contribute to the creation of employment, assist London-based entrepreneurs to scale their business and support the launch of new occupiers in the wake of the pandemic.
A key part of the service on offer is a tailored ‘concierge service’ that gives local business intelligence, assistance navigating regulatory services, access to space and introductions to key sector players, amongst other business requirements.
Tipalti, a US fintech company, valued at $2 billion and achieving 83% year-on-year growth in North America, is the latest business Westminster Investment Service is supporting.
Today, Tipalti announced the opening of its first office outside of North America in the West End marking a key milestone in its international expansion.
With 1,500 customers in the US including Amazon Twitch, National Geographic and Business Insider and already over 50 companies using its products in the UK, Tipalti, whose technology helps businesses eradicate costly manual payable processes, has ambitious plans for growth first in the UK and then beyond in Europe.
Tipalti expect to create over two hundred jobs in the next three years with multiple hires across engineering, sales, customer success and compliance and will be led by the company’s Chief Marketing Officer, Robert Israch who has moved to London from San Francisco.
Robert Israch, General Manager Europe at Tipalti said:
We know there's a strong desire for businesses in the UK to scale - in fact almost a third (28%) of UK CEOs said international growth is a top priority in 2021 and beyond - however, time-consuming manual finance processes and piecemeal solutions are holding them back.
The reason for selecting Westminster for our European HQ to launch our technology to address this is focused around accessibility: to attract talent, being based in a vibrant part of London, and being surrounded by businesses that are a good fit for Tipalti.
From the analysis undertaken, there is a significant volume of high-growth businesses within the Westminster area, and these companies are the perfect fit for the solutions we provide.
Cllr Green, Cabinet Member for Business, Licensing and Planning at Westminster City Council:
We are excited and proud to welcome Tipalti to Westminster.
Westminster is home to 19% of the UK’s high-growth businesses in banking and financial services as well as 8% of all software-as-a-service businesses. This, alongside the access to talent and the vibrant hospitality and culture that Westminster offers makes our city the ideal location for Tipalti to launch its European business.
It’s clear that Westminster is the first choice for exciting and entrepreneurial businesses and we are ready and eager to support more businesses in making the most of all the opportunities our city has to offer.
About The Westminster Investment Service:
Westminster City Council launched Westminster Investment Service on 29 June to encourage new and growing businesses to set up in Central London. The service provides a single entry-point for businesses to council services, partners and one-to-one tailored advice. On offer is assistance with finding premises, building local intelligence and connections or early discussions on regulatory services. Westminster is home to 9% of all UK companies that have received equity investment over the last decade and has the largest number of start-ups with 6,596 new businesses established from February 2019 to September 2020. The service wants to help businesses and entrepreneurs capitalise on the many opportunities available in Westminster to help them thrive.
Tipalti is the only company handling both Accounts Payable and Mass Pay workflows for high-velocity companies across the entire financial operations cycle: onboarding and managing the global supply chain, instituting procurement controls, streamlining invoice processing and approvals, executing payments around the world and reconciling payables data across a multi-subsidiary finance organisation. Tipalti enables high-growth companies to scale quickly by making payables strategic with operational, compliance, and financial controls. Thousands of companies, such as Amazon Twitch, GoDaddy, Canva, Twitter, Headspace, and Wordpress.com use Tipalti to reduce operational workload by 80 percent and accelerate the financial close by 25 percent, while strengthening financial controls and spend visibility.