- Teampay, a distributed spend management software provider, announced it closed $12 million in Series A funding led by Tribe Capital
Distributed spend management software provider Teampay recently announced it closed $12 million in Series A funding led by Tribe Capital with participation from existing investors Crosscut, Silicon Valley Bank, and Precursor Ventures. Including this funding round, Teampay has raised $16 million.
Teampay’s distributed spend management platform gives high-growth companies control and real-time visibility over purchasing while empowering employees with policy-driven access to company spend. And the company’s SaaS product delivers a user-friendly workflow that aligns spenders and finance, collects critical data, integrates it into legacy systems, and provides safe/intelligent payments. Essentially, the platform solves the common problems of policy misalignment, lack of transparency, and unpredictable spending.
“The purchasing department of today is all your employees,” said Teampay founder and CEO Andrew Hoag. “With legacy tools, you have no proactive control, and controllers spend days or weeks at the end of the month trying to code and reconcile what was spent. That’s why we created Teampay – the first distributed spend management platform that makes it safe and frictionless for everyone to buy on behalf of the company, whilst enforcing policy upfront and automatically reconciling in real-time.”
Teampay reported double-digit monthly growth for the 7 prior quarters. And it signals the shift in digital-first companies from centralized procure-to-pay processes to employee-first distributed spend management.
“The increasing speed of business and greater autonomy of individual employees to make decisions has fundamentally changed how businesses spend money,” added Jonathan Hsu of Tribe Capital. “We invested in Teampay because it delivers the critical distributed spend management capabilities that every business needs, it’s the only product in the procurement space that has a complete platform approach, and it provides seamless interoperability with ubiquitous legacy finance systems.”
In order to support this growth, Teampay recently rounded out its leadership team with the addition of new executives, including Peter Nesbitt (VP Finance), Nicole Lindenbaum (VP Marketing), and Matthew Petcoff (Head of Sales).
“Teampay’s request and approval workflow was a game-changer for us. We had been looking for a way to proactively enforce policy controls and automate the procurement workflow and reconciliation,” explained Kevin Neary, Controller at Wistia. “With Teampay, there are no more emails from the business with card requests. No more manually logging into a system to spin up a new card. Most importantly, no more being a bottleneck for requests.”
This round of funding will go towards scaling the Teampay platform for CFOs and controllers around the country.
