Teampay, a NYC-based provider of a workflow software platform to manage a team’s money, closed $4m in seed funding.
The round was led by Crosscut Ventures, with participation from KEC Ventures, Precursor Ventures, CoVenture, and a group of angels and funds.
The company will use the funds to continue to develop the platform, expand operations and its business reach.
Led by Andrew Hoag, CEO, Teampay uses a combination of a web interface and a natural language-processing chatbot to tie each expenditure to a virtual card that can be approved through a click, over Slack, on a phone, or via the web. Complex approval policies can be enforced, and Teampay ties a receipt to a transaction as soon as it happens, by dragging and dropping it into a chat window.
Furthermore, the software analyzes cards for any activity that seems out of the ordinary – higher spends, repeat spends or duplicate spends.
Each virtual card can be set with specific parameters such as a total spend limit, single or recurring purchases, and spending over time (EG: weekly, monthly or yearly).
The company focuses on the mid-market, targeting companies with two hundred to a thousand employees, and already has several paying customers.