All-in-one purchasing platform announces latest raise of $47 million fueled by company’s strong growth
NEW YORK, November 30, 2022 – Teampay, the all-in-one-purchasing platform, today announced it raised $47 million in Series B funding 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 $65M.
“As corporate finance departments continue to modernize their processes to better reflect the way work gets done today, we see considerable opportunity in the growing spend management space,” said Peter Ackerson of Fin Venture Capital. “Teampay continues to innovate the Office of the CFO tech stack far beyond existing legacy approaches, giving CFOs unparalleled visibility and control of corporate spend. They have been an industry pioneer from their inception, and continue to push the boundaries of their category in an innovative way.”
As part of this latest round of funding, Teampay will 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 innovative technology of Teampay’s platform with Mastercard’s industry-leading capabilities, providing a premium commercial card experience for executives. With this deeper collaboration, Mastercard and Teampay will mutually explore opportunities to enhance product capabilities at scale.
“Innovation is core to Mastercard’s business – it allows us to expand beyond the horizon and turn great ideas into scalable solutions,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. “Teampay’s dynamic approach to enhancing the purchasing process for corporate customers continues to excite us, and we look forward to accelerating this stage of growth with our integrated products, services, and capabilities."
Since launching in 2017, Teampay has focused on serving high-growth companies, and is scaling at pace with its customers’ evolving and increasingly global needs. Teampay will leverage its funding to further propel its enterprise offering, by deepening its accounts payable solution, expanding cross-border payments 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. The company has already tripled headcount in the last 12 months.
“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.”
Scaling the senior team
Additionally, Teampay is expanding its executive bench with new senior hires in operations, technology, and customer success. Recent new executive hires include:
- Andrea Kayal, Chief Revenue Officer – With over two decades of experience leading go-to-market and revenue strategy, Kayal joins Teampay as Chief Revenue Officer. Prior to Teampay, Kayal served the revenue teams at Electric - which grew over 500% in three years, Upserve, Signpost, and Sailthru. She's an advocate for women's and LGBTQ rights, and a frequent speaker, advisor, and board member.
- Hollie Grantham, Vice President of Customer Success – Grantham has led customer success teams for a variety of startups, including Betterment, Shyft, and Cherre. Her team provides seamless post-sales experience for Teampay customers, spanning onboarding, engagement, adoption, renewals, expansion, and ongoing support.
- Mike Debnam, Chief Technology Officer – With over two decades of industry experience, including most recently overseeing engineering at Upside Business Travel, Debnam leads Teampay’s engineering team. He is responsible for developing and implementing Teampay’s technology strategy.
- Lisa Sholkin, Vice President of People – With a wealth of experience leading people teams at Series B and C SaaS companies, Sholkin brings skills in everything from employee relations to talent management and talent acquisition processes. She will guide Teampay’s people operations, and oversee employee development and engagement.
- Dustin Renn, Chief Financial Officer – Renn brings more than 20 years of strategic finance experience with deep expertise in payments, financial technology, and software. In his new role, he will lead the company’s finance organization, as well as investor relations and capital formation.
In addition to the new hires, customer momentum, and financing, Teampay continues to receive market accolades. The company was named Best Corporate Spend Product in the 2022 Tearsheet Power of Payments Awards and Best Accounting Tech of the Year in the 2022 U.S. Fintech Awards, as well as silver winner of Enterprise Product of the Year in the 2021 Best in Biz Awards. Teampay has been highlighted on lists including Spend Matters’ 2022 50 to Watch, Forbes’ 2022 Best Startup Employers, and Startup Tips’ Best Fintech Startups in NYC, and is also a finalist in the 2022 Banking Tech Awards. Earlier this year, Teampay received a Great Place to Work™ certification.
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 in policy. The platform issues secure payment methods with built-in controls and reconciles 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 was founded in 2016 and is headquartered in New York City.