Teampay, a NYC-based provider of distributed spend management software, closed a $12m Series A financing.
The round, which brought total funds raised to date to $16m, was led by Tribe Capital with participation from existing investors Crosscut, Silicon Valley Bank, and Precursor Ventures.
The company intends to use the funds to scale the platform for agile-minded CFOs and controllers around the country.
Founded in 2016 by CEO Andrew Hoag, Teampay provides a distributed spend management platform that gives high-growth companies total control and real-time visibility over purchasing, while empowering employees with smart, policy-driven access to company spend.
The company’s SaaS product, which aligns spenders and finance, collects critical data, integrates it into legacy systems, and provides intelligent payments, is used by hundreds of enterprises in the US like Chime, Mixpanel, and RiskIQ.
Teampay recently added new executives:
– Peter Nesbitt, VP Finance;
– Nicole Lindenbaum, VP Marketing; and
– Matt Petcoff, Head of Sales.