Teampay Raises USD47M in Series B Funding
- Fundraising News
- 02.12.2022 04:55 pm
Teampay, a New York-based provider of a purchasing platform, raised $47M in Series B funding.
The round, which brought total funding to $65M, was led by Fin Venture Capital, with participation from Mastercard, Proof Ventures, Trestle, and Espresso Capital.
Led by CEO Andrew Hoag, Teampay helps companies streamline the purchasing process across virtual cards, physical cards, invoices and reimbursements. The automated workflows empower employees to quickly buy what they need while staying in policy. The platform issues secure payment methods with built-in controls and reconciles transactions into the customer’s accounting system in real-time.
The company intends to use the funds to to further propel its enterprise offering, by deepening its accounts payable solution, expanding cross-border payments functionality, and satisfying international payment requirements, invest in sales and marketing, and continue to grow its workforce to support its larger account needs.
As part of this latest round of funding, Teampay will also expand its partnership with Mastercard to accelerate its go-to-market strategy. In 2021, the company announced Catalyst by Teampay, a digital corporate card powered by the Mastercard network. The card combines the technology of Teampay’s platform with Mastercard’s capabilities, providing a premium commercial card experience for executives. With this new collaboration, the two companies will mutually explore opportunities to enhance product capabilities at scale.