Teampay, a New York-based all-in-one-purchasing platform, announced that it raised $47 million in a Series B funding round led by existing investor Fin Venture Capital.
New investors Mastercard, Proof Ventures, Trestle, and Espresso Capital supported the oversubscribed round, bringing Teampay’s total funding to $65 million.
As part of the funding, Teampay will expand its partnership with Mastercard to accelerate its go-to-market strategy.
The funds leverage to further propel its enterprise offering by deepening its accounts payable solution, expanding cross-border payment functionality, and satisfying international payment requirements.
The funding will also allow Teampay to advance its go-to-market strategy with additional investments in sales and marketing, and continue to grow its workforce to support its larger account needs.
“Teampay is entering the second half of 2022 well-positioned for future growth, as companies of all sizes strive to manage spending more strategically in the current uncertain economic environment,” said Andrew Hoag, CEO, and Founder of Teampay. “Companies have turned to Teampay for our unmatched ability to increase productivity, improve employee experience and compliance, and digitalize outdated, broken accounting systems for six years. With this latest funding, we will continue to capture the market with our best-in-class solutions for company spend, while also growing our enterprise offering to match demand. We are continuing to expand our team at scale, to further advance our mission to help high-growth companies modernize their purchasing process.”
Additionally, Teampay is expanding its executive bench with new senior hires in operations, technology, and customer success.
Company: Team Labs, Inc.
Round: Series B
Funding Month: November 2022
Lead Investors: Fin Venture Capital
Additional Investors: Mastercard, Proof Ventures, Trestle, and Espresso Capital
Company Website: https://www.teampay.co/
Software Category: Purchasing Software
About the Company: Founded in 2016, Teampay is a purchasing software built for modern, tech-enabled businesses. Its solutions allow companies to request, approve, and track expenditures in real time. Teampay helps high-growth companies streamline the purchasing process across virtual cards, physical cards, invoices, and reimbursements. The only purchasing software designed with employees in mind, Teampay’s automated workflows empower employees to quickly buy what they need while staying within the policy. The platform issues secure payment methods with built-in controls and reconcile transactions into the customer’s accounting system in real-time. This modern approach to purchasing eliminates unauthorized and out-of-policy spending provides full visibility for finance and helps build better relationships between finance and employees. Teampay is headquartered in New York City.