Teampay, a New York based platform for distributed spend management has raised US$ 5 million in Series A funding on 30th October 2020.
The round was led by Fin Venture Capital and participation from its existing investors’ Precursor, Crosscut and Tribe. They are planning to use this funding for accelerating their market reach and customer acquisition.
Spending management system
The startup focuses on the mid market with its spending software to help companies offer control on ability to spend which is a business processing problem. They don’t want to redesign the existing Corporate Card but provide the set of appropriate tools that can help the various organizations to effectively manage their outflows irrespective of what format they follow. Most of the income of the Teampay is generated from the software fees and not interchange revenue from purchasing unlike other spending management startups.
With the newly received funding, the total funding of the company reached US$ 21 million. This will not be counted as a series B funding but taken as an addition to its 2019 series A, which was launched in 2019 September.
The Teampay software provides proactive controls, scalability, security management and real-time visibility at one place for all the outflows. They have hundreds of satisfied customers which include Grammarly, Mixpanel, Formlabs, Olive, Collegevine, Copper, Hologram and more. Their single and easy solution is definitely a good strategy for the purchasing decisions as they have the bottom-up nature in which every employee has the power to buy the right tools they need. The digital platform enforces collaborations and transparency between the several departments.
Recently they have also integrated with Ironclad which is a digital contacting platform to connect the legal and financial workflows for streamlining spend management. This integration was a strong step for the enterprise in establishing the connection from many systems that support the purchasing process and will enable them to work together for more quick operations.
Teampay is a fintech enterprise founded in 2016 by Andrew Hoag and is headquartered in New York. It reinvents the corporate Card to deliver smart purchasing to empower teams. It is a purchasing software that is developed for technology enabled and modern businesses. Their several products help the companies to approve requests and track real time employee spending. The patented technology is set to deliver a user-friendly and hassle-free workflow that collects vital data, aligns finance and spenders and incorporates it into legacy systems to provide safe and intelligent payments. It helps the companies to shift their focus on growth rather than overhead.
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