Global spend and procurement platform PayEm has pulled in $27m in funding over two rounds following a strong fiscal 2021.
The company raised $7m from a seed funding round led by NFX and Pitango First and also included participation from LocalGlobe and FreshFund, before going on to raise $20m from a Series A round led by Glilot+.
According to PayEm, it has demonstrated ‘hyper growth’ in the second quarter of 2021 and has grown its total portfolio value by over 4 times – generating millions of dollars in revenue in the process.
Founded in 2019, PayEm’s platform automates financial processes from request to reconciliation and gives individuals and teams within global companies the ability to manage non-payroll spend as needed while protecting the budget. The platform also automates manual accounting tasks and allows finance teams to remain nimble and in control.
PayEm claims it has developed a platform that allows businesses to integrate their financial systems with an advanced end-to-end customised request-to-approval workflow and payment solution.
PayEm co-founder and CEO Itamar Jobani said, “We built PayEm specifically to meet the needs of SMEs and enterprises. Between the rise of SaaS, the trend of hybrid work, and the acceleration of global expansion by companies as they tap into markets and talent pools, our platform enables employees and various departments to make their own spending decisions while offering centralized control and visibility for finance teams.
“By using our product, finance teams can manage every aspect of non-payroll expenditures, including credit cards, in a SOX-compliant way, and support multi-currencies and different accounting methods across multi-territories, while eliminating manual overhead on reconciliation.”
Pitango First partner Yair Cassuto added, “We’re seeing a substantial struggle for finance and procurement teams. Current systems and processes were not built for this paradigm shift in how budgets are spent and managed.
“PayEm enables companies to run agile distributed processes across teams, geographies and spend categories in a controlled, compliant and centralized manner. PayEm’s market acceptance was very apparent with every introduction we’ve made during and after our investment process and we were astonished by the pace of adoption of PayEm’s solution.”
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