Teampay Nets $47M for Purchasing Platform Expansion

All-in-one purchasing platform Teampay has raised $47 million in a Series B funding round. 

The firm will leverage the new capital to expand the accounts payable (AP) solution and cross-border payments functionality that are included in its enterprise offering, TeamPay said in a Wednesday (Nov. 30) press release. 

It will also increase its investments in sales and marketing and continue to grow its workforce, which has already expanded threefold over the last 12 months, the release said. 

“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,” Teampay CEO and Founder Andrew Hoag said in the release. “We are continuing to expand our team at scale, to further advance our mission to help high-growth companies modernize their purchasing processes.” 

The company will also expand its partnership with Mastercard — which became a new investor in the latest funding round — to explore opportunities to enhance product capabilities at scale, according to the press release. 

Teampay already offers a digital corporate card powered by the Mastercard network. Introduced in 2021 and called Catalyst by Teampay, the card provides a premium experience for executives, the release 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,” Mastercard Executive Vice President of Digital Partnerships Sherri Haymond said in the release. 

Commercial card technology, including virtual cards (v-cards), offers the ability to consolidate transaction data and promote transparency, Hoag told PYMNTS in an interview posted in February 2020. 

The ability for employers to generate v-cards for individual purchases is particularly beneficial 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.