PayEm, a Tel Aviv, Israel-based fintech startup which has developed a platform that automates finance processes from request to reconciliation, allowing global organizations the ability to manage non-payroll spend as needed, raised a $20 million Series A round was led by Glilot+, the early growth fund of Glilot Capital Partners.
The company raised $27 million in total after also revealing, that it had completed a $7 million Seed funding round three months ago led by Pitango First and NFX with participation by LocalGlobe and Fresh Fund.
Company: PayEm, Inc.
Round: Series A
Funding Month: September 2021
Lead Investors: Glilot+
Company Website: https://www.payem.co/
Software Category: global spend and procurement platform
About the Company: PayEm was founded in 2019 by Itamar Jobani, CEO, and Omer Rimoch, CTO, and is headquartered in Tel Aviv. PayEm provides a platform that automates finance processes from request to reconciliation, giving individuals and teams within global organizations the ability to manage non-payroll spending as needed while safeguarding budget, automating manual accounting tasks, and allowing finance teams to remain in control. The platform allows companies to integrate their financial systems and ERP with a customized request-to-approval workflow and payment solution. Specifically designed for global SMEs and enterprises, the platform offers control and transparency by streamlining reimbursement, procurement, AP automation, and credit card processes into corporate spending. It employs 40 people and plans to expand following the latest funding round.