Teampay Raises $47 Million in Series B Financing; Expands Partnership with Mastercard to Collectively Improve the Spend Management Landscape

Human beings are known for a myriad of different things, but most importantly, they are known for getting better on a consistent basis. This tendency to improve under all circumstances has already fetched us some huge milestones, with technology appearing as a rather unique member of the stated group. The reason why technology’s credentials are so anomalous is based on its skill-set, which was unprecedented enough to guide us towards a reality nobody could have ever imagined otherwise. Nevertheless, if we look a little bit closer, it should become clear how the whole runner was also very much inspired by the way we applied those skills across a real-world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. This revolution, as we went on to discover, will scale up the human experience from every conceivable direction, but even after achieving such a monumental feat, technology will somehow continue to bring all the right goods to the table. The same has turned more and more evident in recent times, and truth be told, a new piece of funding does a lot to make that trend bigger and better moving forward.

Teampay, a platform that attempts to automate the software purchasing process for companies, has successfully secured over $47 million in Series B financing. Led by Fin Venture Capital, the round saw further participation coming from the likes of Mastercard, Proof Ventures, Trestle, and Espresso Capital. According to certain reports, the company will use the newly-raised cash to bolster its sales and marketing efforts, while a chunk of the money will go towards facilitating an extensive recruitment drive. The funding will also allow Teampay to deepen ties with Mastercard. In case you haven’t been keeping up, the two companies forged collaboration back in 2021 to launch a Mastercard-branded corporate card, Catalyst, which is basically a digital card purposed around combining  the innovative technology of Teampay’s platform with Mastercard’s industry-leading capabilities so to produce a  a premium commercial card experience for executives.

“Innovation is core to Mastercard’s business – it allows us to expand beyond the horizon and turn great ideas into scalable solutions,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. “Teampay’s dynamic approach to enhancing the purchasing process for corporate customers continues to excite us, and we look forward to accelerating this stage of growth with our integrated products, services, and capabilities.”

Their next brainchild, however, remains unknown at the moment.

Founded in 2017, Teampay started out its journey with an intention to help companies in managing their spend management operation. Through its technology, managers can automatically approve or deny various expenses, and as a result, they end up saving a lot of time. Hold on, there is more. Teampay can also be integrated alongside your existing chat tools, and once the stated process is duly completed, it is able to provide a whole assortment of services, such as real-time reporting, automating invoice processing, virtual cards that can be limited by vendor and amount, and lot more. Adding to all the convenience is low-code nature of Teampay’s technology that doesn’t require any custom development at all.

“As corporate finance departments continue to modernize their processes to better reflect the way work gets done today, we see considerable opportunity in the growing spend management space,” said Peter Ackerson of Fin Venture Capital. “Teampay continues to innovate the Office of the CFO tech stack far beyond existing legacy approaches, giving CFOs unparalleled visibility and control of corporate spend. They have been an industry pioneer from their inception, and continue to push the boundaries of their category in an innovative way.”

 

 

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