Distributed Spend Management leader grows spend under management by 800% and software revenue by 320%
NEW YORK, Oct. 30, 2020 (GLOBE NEWSWIRE) — Teampay, the leading distributed spend management platform, today announced that it has raised $5M in a Series A-1 extension led by new investor Fin Venture Capital, and supported by existing investors Tribe, Crosscut and Precursor. The round, which brings Teampay’s total funding to $21M, was oversubscribed and closed at a significant uptick in valuation.
Teampay will leverage these funds to accelerate go-to-market and customer acquisition, where it has been experiencing significant traction. The company has an aggressive roadmap for new product and feature launches that will further increase its advantage over existing competitors and legacy alternatives, significantly increase value to customers, and extend its substantial lead in forging partnerships across the spend management ecosystem.
Since the initial close of the Series A, Teampay has seen an explosion in spend under management (SUM), which has increased 800 percent. Teampay directly attributes this hypergrowth to its expanding capabilities in managing additional types of spend for customers, as well as its significant growth in the enterprise segment. Over the same time, Teampay has grown recurring software revenue by 320 percent, further demonstrating its strong pull upmarket as larger customers are not only spending more with Teampay, but also pushing more payments through Teampay’s SaaS platform.
“Teampay is pioneering the next-generation CFO tech stack with a distributed spend management platform that is purpose-built for today’s decentralized, real-time, and dynamic corporate operating environment,” said Peter Ackerson, Investment Partner, Fin VC. “The company’s software — and its ability to empower employees with multi-channel request, intelligent authorization, and real-time spend tracking — provides finance teams unprecedented control and transparency on all enterprise purchasing. We looked at all the players in the market, and Teampay’s capabilities stood out far above other solutions. Fin VC is excited to invest in what we believe will not only improve the way modern businesses manage their spend, but revolutionize it entirely.”
This announcement comes on the heels of Teampay’s latest partnerships with Amazon Business and digital contracting platform Ironclad, advancing the company’s aggressive integration strategy — and in turn, its goal of connecting disparate workflows and managing the distributed nature of spend in today’s business world. As the first to market in the space, Teampay was recently awarded a patent for its innovative technology, cementing the company’s industry leadership.
“As the pioneer of the distributed spend management category, Teampay has led the way with a bold vision for unifying and automating the entire purchasing workflow from end-to-end — an imperative for companies navigating today’s remote-first work landscape,” said Andrew Hoag, Founder and CEO of Teampay. “This funding will be valuable as we continue building state-of-the-art features to transform the business process for spend. Our success this year only deepens our team’s commitment to furthering that mission.”
Read more about the Teampay’s partnership with Fin VC at https://finvc.co/news/.
Teampay’s distributed spend management platform gives high-growth companies total control and real-time visibility over purchasing, while empowering employees with smart, policy-driven access to company spend. Teampay’s patented technology (U.S. Pat. No. 10,755,339, and other patents pending) delivers a user-friendly workflow that aligns spenders and finance, collects critical data, integrates it into legacy systems, and provides safe, intelligent payments. As such, the platform solves the common problems of policy misalignment, lack of transparency, and unpredictable spending. Teampay was founded in 2016 and is headquartered in New York City.