Teampay Raises Another $47M for All-in-One Spend Management Platform and Corporate Card – AlleyWatch

As your team expands, managing employee spending becomes another imperative you need to add to your growing roster of responsibilities. Simply put, handing out a corporate card to an employee may not be the most ideal situation from a corporate governance standpoint: his remote worker is also complicated to track spending. team pay is an all-in-one cloud-based expense management platform for businesses to manage employee expenses, providing unprecedented visibility to finance teams. The platform simplifies a variety of functions including automation, centralization, real-time tracking, authorization, and virtual card issuance. Teampay is built with integrations with the most popular productivity and accounting tools such as Slack, NetSuite, QuickBooks, Xero and Sage, allowing users to connect into their existing technology stacks without adding friction. The company recently turned to Mastercard to offer a premium corporate card experience called Catalyst that offers not only spend management, but rewards and benefits comparable to other corporate cards.

alley watch Catch up with the Founder and CEO of Teampay Andrew Hoag A total of $68 million in funding is required to learn more about the business, the company’s strategic plans, and the latest funding round.

Who are your investors and how much did you raise?

$47 million Series B led by existing investors Fin VC Favored by new investors Mastercard, Proof Ventures, Trestle, When Espresso Capital.

What products or services does Teampay offer?

Teampay helps high-growth businesses streamline the purchasing process across virtual cards, physical cards, invoices, and redemptions. The only purchasing software designed with employees in mind, his Teampay’s 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 the customer’s accounting system in real time. This modern approach to purchasing helps eliminate fraudulent and out-of-policy spending, give you full visibility into your finances, and build better relationships between finance and your employees.

What inspired the launch of Teampay?

I launched Teampay in 2017 to revolutionize corporate spending. This is after seeing first hand how the broken legacy platform works as an employee and operator. Teampay’s mission is to help modern businesses spend their money more efficiently.

How is Team Pay different?

Teampay is the only spend management platform designed with employees in mind. Most midsize companies are born out of a messed up system and some form of his DIY. At Teampay, we often see customers citing a move to a system that is more modern, easier to use, and faster to deploy.

What is Teampay’s target market and size?

Teampay serves almost every industry. Most of our customers are cloud native and have scaling and often booming businesses.

what is your business model?

We are a SaaS platform and we generate revenue from our software and embedded financial services offerings.

How are you preparing for a potential economic slowdown?

In the current economic environment, Teampay’s software-driven approach has proven resilient.

Today, more than ever, businesses care where their dollars go, requiring a new perspective. And as we saw from late 2020 onward as the economy rebounded into 2021, Teampay has disproportionately benefited through accelerated growth.

What was the fundraising process like?

We were lucky enough to have a competing offer and eventually landed a deal with an investor we knew well at FinVC.

What was the biggest challenge you faced in raising capital?

Some teams remain in the traditional passive mindset rooted in how companies handled spending when purchasing was centralized. The way companies spend their money has changed. Through education and innovation, we look forward to bringing best-in-class consumer tools to finance. As a new category, all solutions look the same, but it’s important to specifically understand which solution is right for the right stage of your business.

What factors in your business are driving investors to write you checks?

All of our investors have a strong belief in opportunities around the CFO’s office. Finance is one of the last departments to benefit from great software for consumers. His TAM of the market is worth trillions of dollars and the company is his market leader in mid-market and emerging enterprise businesses.

What milestones do you plan to achieve in the next six months?

We used this capital to strengthen our management team and extend our innovation lead. Our main focus now is to get more out of our existing legacy systems while getting our product into the hands of as many customers as possible.

We used this capital to strengthen our management team and extend our innovation lead. Our main focus now is to get more out of our existing legacy systems while getting our product into the hands of as many customers as possible.

What advice can you give to New York companies that haven’t injected fresh capital into their banks?

Given the current market conditions, now is the time for companies to scrutinize their capital allocation. Proactively managing spend, ensuring policy compliance, gaining visibility and staying agile is more important than ever. Coincidentally, this is one of Teampay’s use cases, an example of how technology like ours can help companies better manage and control their spending.

Where do you see the company going now in the near future?

Based on our experience in 2020, we believe the recession in the macroeconomic environment is a unique time for more customers to benefit from best-in-class management and visibility into operating expenses. We are excited to continue driving innovation and partnerships to take advantage of this opportunity.

What is your favorite restaurant in New York?

I love my city, but no restaurant puts more heart than Quint Nil in Mexico City.

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