Teampay, the all-in-one purchasing platform, has raised a whopping $47 million in series B funding in a round led by Fin Venture Capital, with participation from Mastercard, Proof Ventures, Trestle, and Espresso Capital.
To expand the accounts payable (AP) solution and cross-border payments functionality, the firm will leverage the new capital that is included in its enterprise offering, TeamPay said in a press release.
Funding for the future
The funding brings Teampay’s total funding to $65 million and will be used to expand its partnership with Mastercard, accelerate its go-to-market strategy, and grow its workforce.
Sherri Haymond, executive vice president of digital partnerships at Mastercard, said:
“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.”
Teampay recently launched Catalyst, a digital corporate card aimed at executives and powered by Mastercard’s network.
Since launching in 2017, Teampay has focused on serving high-growth companies and scaling to meet their global needs.
Peter Ackerson of Fin Venture Capital said: “As corporate finance departments continue to modernise their processes to better reflect the way work gets done today, we see considerable opportunity in the growing spend management space.”
A shift in professionals’ transaction needs
Hoag told PYMNTS in an interview posted back in February 2020 that commercial card technology, including visual cards (v-cards), offers the ability to consolidate transaction data and promote transparency.
The benefit here is that employers are able to generate v-cards for individual purchases as more professionals resist the tradition of footing the bill, Hoag said at the time.
“The employee expectation is shifting into, ‘If I’m buying this for work, then work should pay for it,’” Hoag said.