“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 founder and Chief Executive Officer Andrew Hoag. Mastercard Inc., Proof Ventures, Trestle and Espresso Capital participated as well. Teampay’s mission is to help modern businesses spend money more efficiently.Teampay Labs Inc., a startup helping companies manage their business expenses more efficiently, has closed a $47 million funding round.Īnnounced today, the Series B round was led by returning Teampay investor Fin Venture Capital. Today, finance is tasked with managing this new world of decentralized purchasing however, because of outdated systems, companies are struggling with policy misalignment, manual work, and best-guess accounting, not to mention awkward conversations with employees for not staying in compliance at the end of each month.
And yet, the tools and software solutions for finance hadn’t changed for literally decades. Between the explosion of SaaS software and fractional services, the overwhelming shift to on-demand everything, and a rise in freelance and remote workers, today’s purchasing department is no longer a centralized procurement team–in a modern company, your procurement team is all your employees. At that moment, I realized just how much corporate spending has changed over the last decade. As an operator, I was trying to focus on the business strategy however, I found myself constantly sidelined and bombarded by requests from employees to buy things, use my corporate card, purchase items on their behalf, and/or reimburse them for things I didn’t even know they had purchased.
“I initially came up with the idea for Teampay when I was in the early stages of some new projects.
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