Teampay’s mission is to help modern businesses spend money more efficiently. I launched Teampay in 2017 to revolutionize corporate spending after seeing how broken legacy platforms were firsthand as an employee and operator. 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. The platform issues secure payment methods with built-in controls and reconciles transactions into the customer’s accounting system in real-time. 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. Teampay helps high-growth companies streamline the purchasing process across virtual cards, physical cards, invoices, and reimbursements. Tell us about the product or service that Teampay offers. $47M in Series B led by existing investor Fin VC and supported by new investors Mastercard, Proof Ventures, Trestle, and Espresso Capital. Who were your investors and how much did you raise? The company has recently powered with Mastercard to offer a premium corporate card experience called Catalyst that focuses not only on spend management but also offers rewards and benefits to rival other corporate cards.ĪlleyWatch caught up with Teampay Founder and CEO Andrew Hoag to learn more about the business, the company’s strategic plans, latest round of funding, which brings the total equity funding raised to $68M, and much, much more… Teampay is built with integrations with some of the most popular productivity and accounting tools including Slack, NetSuite, QuickBooks, Xero, and Sage allowing its users to connect with their existing technology stacks without any added friction. The platform simplifies a number of different functionalities including automation, centralization, real-time tracking, permissioning, and virtual card issuance. Teampay is an all-in-one cloud-based spend management platform for companies to manage employee expenses, providing unprecedented visibility to finance teams. Remote workforces have only complicated tracking expenditures as well.
Simply, handing your corporate card to your employees may not be the most ideal situation from a corporate governance perspective. As your team scales, managing employee spending becomes another one of those inevitable things that you now need to add to your roster of growing responsibilities.
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