In a Series B funding round, which was led by an existing investor, Fin Venture Capital, Teampay raised $47 million.
Teampay has now raised a total of $65 million in funding. New investors like Mastercard, Proof Ventures, Trestle, and Espresso Capital took part in the Series B.
Teampay is a company that was started in 2016 and is based in New York City. It makes software that companies can use to make it easier for their employees to buy things with virtual cards, physical cards, invoices, and reimbursements.
The company says that its automated workflows “enable employees to buy what they need quickly while staying within the rules.”
The platform gives out safe payment methods with built-in controls and matches transactions in real time with the customer’s accounting system. Teampay says that it helps “eliminate” unapproved and out-of-policy spending by giving finance teams “full visibility.”
The company will use the new money to grow its business-to-business services by improving its accounts payable solution and adding more features to its cross-border payments.
It will also put money into sales and marketing and try to hire more people, even though it says it has already tripled its staff in the last year.
Andrew Hoag, who started Teampay and is now its CEO and founder, says that the company is “well-positioned for future growth.”
Along with the money, Teampay will extend its partnership with Mastercard so that both companies can “explore opportunities” to improve their products. In 2021, the two companies worked together to make Catalyst by Teampay, a digital corporate card that uses the Mastercard network.
Teampay has also recently hired a number of new executives, including Andrea Kayal as chief revenue officer, Mike Debnam as chief technology officer (CTO), and Dustin Renn as chief financial officer (CFO), among others.