The Series B, which featured participation from new investors including Mastercard, Proof Ventures, Trestle and Espresso Capital, brings Teampay’s total capital raised to $65 million.
Founded in 2016 and based in New York City, Teampay offers software for companies to help them streamline the employee purchasing process across virtual cards, physical cards, invoices and reimbursements.
The firm says its automated workflows “empower employees to quickly buy what they need while staying in policy”.
The platform issues secure payment methods with built-in controls and reconciles transactions into the customer’s accounting system in real time. Teampay claims it helps “eliminate” unauthorised and out-of-policy spending, providing “full visibility” for finance teams.
The company will use the new funding to grow its enterprise offering by further developing its accounts payable solution and expanding its cross-border payments functionality.
It will also invest in sales and marketing and look to hire more staff, claiming to have already tripled its headcount in the last 12 months.
Andrew Hoag, CEO and founder of Teampay, says the firm is “well-positioned for future growth”.
Along with the funding, Teampay will also extend its partnership with Mastercard to “mutually explore opportunities” to develop product capabilities. The two firms collaborated in 2021 for Catalyst by Teampay, a digital corporate card powered by the Mastercard network.
Teampay has also recently made a number of new executive hires, with new joiners including Andrea Kayal as chief revenue officer, Mike Debnam as chief technology officer (CTO) and Dustin Renn as chief financial officer (CFO), among others.