The funding was closed with participation from Mastercard, Proof Ventures, Trestle, and Espresso Capital, bringing Teampay’s total raised to USD65 million.
The new cash will be put toward expanding Teampay’s partnership with Mastercard and growing its sales and marketing operations. In 2021, Teampay launched a Mastercard-branded corporate card, Catalyst, with spend management features, signaling the startup’s intentions to venture further into the corporate card space.
The funding will also allow Teampay to advance its go-to-market strategy and continue to grow its workforce to support its larger account needs. The company has already tripled headcount in the last 12 months.
Teampay’s platform provides workflows for employees to submit and approve spending. Using it, managers can implement policies that automatically collect approvals or deny expenses that fall into certain categories. Teampay integrates with existing chat tools and delivers real-time reporting, automating invoice processing, and offering virtual cards that can be limited by vendor and amount.
In July 2022, Teampay was announcing a new program for marketers looking for greater visibility and control of marketing spend during this time of economic uncertainty. Teampay for Marketers is a personalised offering designed specifically to help marketers spend at the speed of business–with proactive controls, upfront approvals, Slack and Teams integrations, and real-time spend visibility.
Therefore, Teampay now offers a way to satisfy the CMO’s need to enable individual team members while managing all marketing spend with real-time centralised visibility. Teampay for Marketers gives the entire marketing department controlled, quick access to company funds, eliminating the headache of sharing a corporate card or waiting weeks for a purchase order. Plus, this solution offers on-demand visibility into the status of invoices, instantly improving vendor relationships without bogging down the finance department with back-and-forth follow ups.
The way businesses spend money is changing, particularly as they embrace digital transformation, and that visibility into, and control over, spend was becoming increasingly important with the economy’s ups and downs.
Business spend management (BSM) refers to a set of business practices, supported by software, that are used to track, manage, and analyse enterprise-wide supplier relationships and expenditures, such as striking big-ticket contracts with key vendors, purchasing everyday office supplies and out-of-pocket travel expenses. BSM integrates and automates spending-related activities that previously were executed through multiple software tools. The objective of BSM is to maximise value from company spending while lowering costs – especially procurement costs – mitigating financial risk and improving relationships with suppliers.
According to Dealroom, over USD 2.8 billion was invested into corporate spend management companies in 2021. In 2022, USD 1.6 billion was invested between January and May alone.
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