PayEm secures USD 27 mln in funding

Wednesday 1 September 2021 15:08 CET | News

Global spend and procurement platform for high-growth and multinational organisations PayEm has announced USD 27 million in funding, according to the official press release. 

The USD 27 million consists of a USD 7 million seed funding round led by Pitango First and NFX with participation by LocalGlobe and Fresh Fund, followed by a USD 20 million Series A led by Glilot+, the early growth fund of Glilot Capital Partners. 

PayEm’s platform automates finance processes from request to reconciliation, giving individuals and teams within global organisations the ability to manage non-payroll spend as needed while safeguarding budget, automating manual accounting tasks, and allowing finance teams to remain agile and in control. 

Until recently, most major spend decisions were made by the procurement and finance teams. Today, however, decision-making with regards to vendors, SaaS platforms and more are delegated to teams throughout the organisation. This paradigm shift has created additional complexities for finance teams that need to keep track of thousands of small transactions using outdated technology, often handling much of the work manually. At the same time, Nilson Report estimates that annual B2B payment volume presently sits at USD 127 trillion and is expected to reach USD 200 trillion by 2028. 

Specifically designed for global SMEs and enterprises, PayEm’s technology offers control and transparency by streamlining reimbursement, procurement, AP automation, and credit card processes into one centralised platform. The platform allows every subsidiary to have financial and accounting autonomy while enabling holistic processes at the global level. By integrating companies’ financial systems and ERP with an advanced end-to-end customized request-to-approval workflow and payment solution at the global level, PayEm puts an end to fragmented workflows and manual tasks. The technology also has cross-border capabilities: finance teams using PayEm can send funds to over 200 territories in 130 different currencies in just one click.

Companies such as Fiverr, Jfrog, Next Insurance, and hundreds more have already adopted PayEm to manage their international and local spend.

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Keywords: e-procurement, fintech, investment
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech