(Bloomberg) -- Tipalti Solutions Inc., whose platform automates payments to suppliers and vendors, raised $270 million to build out its products and fund global expansion.

The San Mateo, California-based company was valued at $8.3 billion in the funding round, with backing from investors such as, G Squared, Zeev Ventures, Durable Capital Partners, 01 Advisors, according to a statement on Wednesday.

Read more: Fintech Firm Tipalti Nets $2 Billion Valuation in Funding Round

Founded in 2010, Tipalti has raised more than $550 million and serves more than 2,000 customers. The company employs about 700 people and currently processes more than $30 billion in total annual payments volume.

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