Teampay, a NYC-based distributed spend management platform, raised $5M in Series A-1 extension funding.
The round, which brings total funding to $21M, was led by new investor Fin Venture Capital, with participation from existing investors Tribe, Crosscut and Precursor.
The company will use the funds to accelerate go-to-market and customer acquisition.
Led by Andrew Hoag, Founder and CEO, Teampay provides a SaaS based 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 patented technology (U.S. Pat. No. 10,755,339, and other patents pending) delivers a user-friendly workflow that aligns spenders and finance, collects critical data, integrates it into legacy systems, and provides safe, intelligent payments.