Teampay, an all-in-one purchasing platform, has raised $47m in Series B funding to bolster its accounts payable solutions and expand cross-border payment capabilities.
The round was led by existing investor Fin Venture Capital.
New investors Mastercard, Proof Ventures, Trestle, and Espresso Capital supported the oversubscribed round, bringing Teampay’s total funding to $65m.
Since launching in 2017, Teampay has focused on serving high-growth companies, and is scaling at pace with its customers’ evolving and increasingly global needs.
The company said it will leverage its funding to further propel its enterprise offering, by deepening its accounts payable solution, expanding cross-border payments functionality, and satisfying international payment requirements.
As part of this latest round of funding, Teampay will also expand its partnership with Mastercard to accelerate its go-to-market strategy.
In 2021, the company announced Catalyst by Teampay, a digital corporate card powered by the Mastercard network. The card combines the innovative technology of Teampay’s platform with Mastercard’s industry-leading capabilities, providing a premium commercial card experience for executives. With this deeper collaboration, Mastercard and Teampay will mutually explore opportunities to enhance product capabilities at scale.
The funding will also allow Teampay to advance its go-to-market strategy with additional investments in sales and marketing, and continue to grow its workforce to support its larger account needs. The company has already tripled headcount in the last 12 months.
Peter Ackerson of Fin Venture Capital, said, “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.
“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.”
Recently, Argentinian PayTech startup Pomelo extended its Series A funding round by $15m, which has increased its valuation by 50% in the last nine months.
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