Global procurement platform PayEm secures $27m in funding

By Gaia Lamperti

Global spend and procurement platform for high-growth and multinational organizations PayEm announces $27 million in funding today. The company has undergone hyper-growth in Q2’21, with its total portfolio value increasing by 4x and generating millions of dollars in revenue.

The funding consists of a $7 million seed funding round led by Pitango First and NFX with participation by LocalGlobe and Fresh Fund, followed by a $20 million Series A led by Glilot+, the early growth fund of Glilot Capital Partners.

Until recently, most major spend decisions were made by the procurement and finance teams, while now they are delegated to teams throughout the organisation. This has created complexities for finance teams who might have to keep track of thousands of small transactions using outdated technology or handling the work manually.

PayEm’s platform can automate finance processes from request to reconciliation, giving individuals and teams within global organizations time to focus on other tasks. This enables to manage non-payroll spend as needed while safeguarding budget, automating tedious manual accounting tasks, and allowing finance teams to remain agile and in control.

“We’ve built PayEm 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, existing technologies simply couldn’t meet changing market needs in a holistic manner. Our platform enables employees and various departments to make their own spending decisions while offering centralized control and visibility for finance teams,” said Itamar Jobani, CEO and Co-Founder of PayEm.

Its technology captures invoices, creates bills, schedules and sends payments to anywhere in the world, in any currency, auto-categorizes and syncs with an ERP. By integrating companies’ financial systems and ERP with an advanced end-to-end customized request-to-approval workflow and payment solution at the global level, PayEm puts an end to fragmented workflows and manual tasks.

“By using our product, finance teams can manage every aspect of non-payroll expenditure, including credit cards, in a SOX-compliant way, support multi-currencies and different accounting methods across multi-territories, while eliminating manual overhead on reconciliation,” Jobani added.

Fiverr, Jfrog, Next Insurance, and hundreds of other companies have already adopted PayEm to manage their international and local spend. Finance teams can use the platform’s services in over 200 territories and choosing 130 different currencies.

Lior Litwak, Managing Partner at Glilot Capital and Head of Glilot+, commented: “PayEm’s holistic platform has seen tremendous growth in such short time precisely because it solves a truly fundamental problem for employees, managers, and financial officers alike – the ongoing fragmentation in corporate financial tools. We were impressed by PayEm’s vision and are excited to join their journey to create the ideal end-to-end spend and procurement platform for businesses.”