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Teampay, an all-in-one buying platform, has raised $47 million in Series B funding round led by existing backer Fin Venture Capital.
Teampay Raises $47 Million
New investors including Mastercard, Proof Ventures, Trestle and Espresso Capital joined the Series B, bringing Teampay’s total capital to $65 million.
Founded in 2016 and based in New York City, Teampay provides software that helps businesses streamline the employee purchasing process with virtual cards, physical cards, invoices, and refunds.
The company says its automated workflows “enable employees to quickly purchase what they need while adhering to policies.”
The platform issues secure payment methods with built-in controls and reconciles transactions to customers’ accounting systems in real time. Teampay claims it helps to eliminate unauthorized out-of-policy spending and provide complete visibility to finance teams.
The company will use the new funding to expand its enterprise offerings by further developing its accounts payable solutions and expanding its cross-border payment capabilities.
It is also investing in sales and marketing and is considering hiring more staff, claiming it has already tripled its headcount in the last 12 months.
Teampay CEO and founder Andrew Hoag said the company is well positioned for future growth.
In addition to the funding, Teampay will expand its partnership with Mastercard to “mutually explore opportunities” to develop product features. The two companies have collaborated on his 2021 Catalyst by Teampay, a digital corporate card powered by the Mastercard network.
Teampay recently hired a number of new executives. They include Andrea Kayal as Chief Revenue Officer, Mike Debnam as Chief Technology Officer (CTO) and Dustin Wren as Chief Financial Officer (CFO).
