Teampay, the all-in-one-purchasing platform, immediately introduced it raised $47 million in Sequence B funding led by current investor Fin Enterprise Capital.
“As company finance departments proceed to modernize their processes to raised mirror the best way work will get executed immediately, we see appreciable alternative within the rising spend administration house,” stated Peter Ackerson of Fin Enterprise Capital. “Teampay continues to innovate the Workplace of the CFO tech stack far past current legacy approaches, giving CFOs unparalleled visibility and management of company spend. They’ve been an {industry} pioneer from their inception, and proceed to push the boundaries of their class in an modern approach.”
As a part of this newest spherical of funding, Teampay will broaden its partnership with Mastercard to speed up its go-to-market technique. In 2021, the corporate introduced Catalyst by Teampay, a digital company card powered by the Mastercard community. The cardboard combines the modern expertise of Teampay’s platform with Mastercard’s industry-leading capabilities, offering a premium business card expertise for executives. With this deeper collaboration, Mastercard and Teampay will mutually discover alternatives to reinforce product capabilities at scale.
“Innovation is core to Mastercard’s enterprise – it permits us to broaden past the horizon and switch nice concepts into scalable options,” stated Sherri Haymond, govt vice chairman, Digital Partnerships at Mastercard. “Teampay’s dynamic strategy to enhancing the buying course of for company prospects continues to excite us, and we look ahead to accelerating this stage of progress with our built-in merchandise, companies, and capabilities.”
Progress mindset
Since launching in 2017, Teampay has centered on serving high-growth firms, and is scaling at tempo with its prospects’ evolving and more and more international wants. Teampay will leverage its funding to additional propel its enterprise providing, by deepening its accounts payable resolution, increasing cross-border funds performance, and satisfying worldwide fee necessities.
The funding will even enable Teampay to advance its go-to-market technique with further investments in gross sales and advertising, and proceed to develop its workforce to help its bigger account wants. The corporate has already tripled headcount within the final 12 months.
“Teampay is getting into the second half of 2022 well-positioned for future progress, as firms of all sizes attempt to handle spending extra strategically within the present unsure financial atmosphere,” stated Andrew Hoag, CEO and Founding father of Teampay. “Corporations have turned to Teampay for our unmatched means to extend productiveness, enhance worker expertise and compliance, and digitalize outdated, damaged accounting techniques for six years. With this newest funding, we’ll proceed to seize the market with our best-in-class options for firm spend, whereas additionally rising our enterprise providing to match demand. We’re persevering with to broaden our staff at scale, to additional advance our mission to assist high-growth firms modernize their buying course of.”
Scaling the senior staff
Moreover, Teampay is increasing its govt bench with new senior hires in operations, expertise, and buyer success. Current new govt hires embrace:
Andrea Kayal, Chief Income Officer – With over twenty years of expertise main go-to-market and income technique, Kayal joins Teampay as Chief Income Officer. Previous to Teampay, Kayal served the income groups at Electrical – which grew over 500% in three years, Upserve, Signpost, and Sailthru. She’s an advocate for girls’s and LGBTQ rights, and a frequent speaker, advisor, and board member.
Hollie Grantham, Vice President of Buyer Success – Grantham has led buyer success groups for quite a lot of startups, together with Betterment, Shyft, and Cherre. Her staff offers seamless post-sales expertise for Teampay prospects, spanning onboarding, engagement, adoption, renewals, enlargement, and ongoing help.
Mike Debnam, Chief Expertise Officer – With over twenty years of {industry} expertise, together with most just lately overseeing engineering at Upside Enterprise Journey, Debnam leads Teampay’s engineering staff. He’s answerable for growing and implementing Teampay’s expertise technique.
Lisa Sholkin, Vice President of Individuals – With a wealth of expertise main folks groups at Sequence B and C SaaS firms, Sholkin brings expertise in all the things from worker relations to expertise administration and expertise acquisition processes. She is going to information Teampay’s folks operations, and oversee worker improvement and engagement.
Dustin Renn, Chief Monetary Officer – Renn brings greater than 20 years of strategic finance expertise with deep experience in funds, monetary expertise, and software program. In his new function, he’ll lead the corporate’s finance group, in addition to investor relations and capital formation.
Along with the brand new hires, buyer momentum, and financing, Teampay continues to obtain market accolades. The corporate was named Finest Company Spend Product within the 2022 Tearsheet Energy of Funds Awards and Finest Accounting Tech of the 12 months within the 2022 U.S. Fintech Awards, in addition to silver winner of Enterprise Product of the 12 months within the 2021 Finest in Biz Awards. Teampay has been highlighted on lists together with Spend Issues’ 2022 50 to Watch, Forbes’ 2022 Finest Startup Employers, and Startup Ideas’ Finest Fintech Startups in NYC, and can be a finalist within the 2022 Banking Tech Awards. Earlier this yr, Teampay obtained a Nice Place to Work™ certification.