Teampay expands partnership with Mastercard; raises $47m
By Edlyn Cardoza
Teampay, the all-in-one-purchasing platform, announced it raised $47 million in Series B funding 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 $65 million.
“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,” said Peter Ackerson of Fin Venture Capital. “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.”
As part of this latest round of funding, Teampay will 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 executives with executives a premium commercial card experience. With this deeper collaboration, Mastercard and Teampay will mutually explore opportunities to enhance product capabilities at scale.
“Innovation is core to Mastercard’s business – it allows us to expand beyond the horizon and turn great ideas into scalable solutions,” said Sherri Haymond, executive vice president of Digital Partnerships at Mastercard. “Teampay’s dynamic approach to enhancing the purchasing process for corporate customers continues to excite us, and we look forward to accelerating this stage of growth with our integrated products, services, and capabilities.”
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. Teampay 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.
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 more extensive account needs. The company has already tripled its headcount in the last 12 months.
“Teampay is entering the second half of 2022 well-positioned for future growth, as companies of all sizes strive to manage spending more strategically in the current uncertain economic environment,” said Andrew Hoag, CEO, and Founder of Teampay. “Companies have turned to Teampay for our unmatched ability to increase productivity, improve employee experience and compliance, and digitalize outdated, broken accounting systems for six years. With this latest funding, we will continue to capture the market with our best-in-class solutions for company spend, while also growing our enterprise offering to match demand. We are continuing to expand our team at scale, to further advance our mission to help high-growth companies modernize their purchasing process.”
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