PayEm, which offers spend and procurement management services, has raised $220m in a mix of equity and credit financing.
The funds were supplied by Viola Credit, Mitsubishi Financial Group, Collaborative Fund and others.
With this fresh equity, PayEm plans to scale its credit cards operation and support larger customers with its payments platform. Funds will also support the continued development of the platform.
PayEm is a leader in procurement and spend management space for mid-market companies that are struggling to balance financial oversight and providing flexible tools to clients. Its all-in-one platform offers a selection of features, including smart procurement solutions, AP automation, expanse reimbursement and smart credit cards.
It also offers a unique solution that supports multi-national entities and cross-border payments. The platform enables finance and procurement teams to drive compliance, help create a culture of accountability and drive efficiencies and savings.
Over the past year, the procurement management platform increased its customer base by 300% and its revenues by 550%.
Viola Credit general partner Ido Vigdor said, “We’re excited to join PayEm and back its growing payments program as it enters its next phase of growth to rebuild and streamline the procurement and finance processes for the new age economy.
“We’re seeing an incredible demand by CFOs for PayEm’s connected finance and procurement platform, even more so during times like these as it becomes a key enabler to streamline and control financial policies within the organisation, while delegating to employees the decisions over their budget.”
In addition to the fundraise, the company has named three major additions to its team. As part of these, former Tipalti CRO Steve Sovik has joined PayEm as its CRO. Whilst serving at Tipalti Sovik helped the company grow sales by 3,250% in 3.5 years.
The other hires are Dorit Bruner as CFO and Gilad Bonjack as VP Product.
PayEm previously raised $27m in a funding round in 2021.
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