Israeli fintech firm Tipalti is laying off employees in Israel and abroad, marking the company’s second workforce reduction since January 2023, when 123 employees were laid off.

Tipalti, which employs about 1,000 people, is reorganizing its sales and development divisions.

Tipalti’s CEO Chen Amit indicated that the changes are part of a strategic shift to focus sales efforts on mid-market customers. This will involve reducing attention on smaller clients.

The company has raised over US$550 million in funding, including US$270 million at an US$8.3 billion valuation in December 2021.

Investors include Marshall Wace, G Squared, and Morgan Stanley’s Counterpoint Global. Tipalti reportedly also raised US$100 million in credit recently.

Tipalti provides financial automation services, including global payments, invoicing, tax compliance, and vendor management.

Last month, Tipalti acquired Israeli startup Statement for an estimated US$30 million. This startup specializes in AI-based cash flow management solutions.