Total amount raised
$65 Million
Latest funding date
11/01/2022
Location
Teampay has successfully raised funding over 7 rounds, with the latest being a Debt Financing round. The company is backed by 26 investors, including Proof Ventures and Irregular Expressions.
Recently acquired by Paystand, Teampay continues to innovate in the expense management space. Keep reading to explore the intricacies of Teampay's fundraising journey and the investors backing this platform.
What Is Teampay?
Teampay is a private company based in New York, New York, specializing in expense management. Operating in the FinTech, SaaS, and Software industries, Teampay streamlines the purchase process across virtual and physical cards, invoices, and reimbursements. The company has an employee count of 51-100.
Recently acquired by Paystand, Teampay continues to innovate by providing an all-in-one purchasing platform. The platform automates spend control, integrates with popular tools, and offers features like real-time reporting and AP automation, making it a comprehensive solution for modern finance teams.
How Much Funding Has Teampay Raised?
- Pre-Seed
- Amount Raised: Not publicly disclosed
- Date: November 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the initial development and launch of Teampay's expense management platform.
- Seed
- Amount Raised: USD 4,000,000
- Date: February 2018
- Lead Investors: Crosscut Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series A
- Amount Raised: USD 9,000,000
- Date: September 2019
- Lead Investors: Tribe Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product features.
- Series A
- Amount Raised: USD 5,000,000
- Date: October 2020
- Lead Investors: Fin Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand market reach.
- Series B
- Amount Raised: Not publicly disclosed
- Date: January 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and product innovation.
- Series B
- Amount Raised: USD 47,000,000
- Date: November 2022
- Lead Investors: Fin Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To advance collaboration with Mastercard and expand sales and marketing efforts.
- Debt Financing
- Amount Raised: USD 1,000
- Date: November 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support financial stability and operational flexibility.
Total Amount Raised: USD 65,001,000. Current Valuation: Not publicly disclosed.
Key Investors
- Fin Venture Capital
- Details: Fin Venture Capital is a leading investment firm specializing in fintech and financial services. They led Teampay's Series B funding round.
- Investment Focus Areas: Fintech, financial services, technology startups
- Notable Investments: Not publicly disclosed
- Mastercard
- Details: Mastercard is a global payment technology company that provides financial services and products. They have an ongoing partnership with Teampay, including the launch of the Mastercard-branded corporate card, Catalyst.
- Investment Focus Areas: Payment technologies, financial services, fintech innovations
- Notable Investments: Not publicly disclosed
- Proof Ventures
- Details: Proof Ventures is an investment firm focusing on early-stage technology companies. They participated in Teampay's Series B funding round.
- Investment Focus Areas: Early-stage technology companies
- Notable Investments: Not publicly disclosed
- Trestle
- Details: Trestle is an investment firm that participated in Teampay's Series B funding round. Specific details about the firm are not publicly disclosed.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
- Espresso Capital
- Details: Espresso Capital provides venture debt and growth capital to growth-stage technology companies. They participated in Teampay's Series B funding round.
- Investment Focus Areas: Growth-stage technology companies
- Notable Investments: Not publicly disclosed
What's Next for Teampay?
Teampay's future looks promising as it continues to expand its partnership with Mastercard, enhancing its product offerings and growing its sales and marketing efforts. The company's focus on automating expense management aligns well with the increasing demand for digital transformation in corporate finance. This presents a significant opportunity for Teampay to capture a larger market share in the $15.9 billion corporate spend management market.
Future fundraising opportunities are likely, given the company's growth trajectory and the interest from venture capital firms and strategic investors. However, Teampay will need to navigate challenges such as stiff competition from well-funded startups like Brex and Divvy, and maintaining product quality while scaling operations. Despite these challenges, Teampay's innovative approach and strong partnerships position it well for continued success.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Teampay and gather other critical business insights. Sign up for free to start enhancing your sales strategies today.
