Teampay directly attributes this hypergrowth to its expanding capabilities in managing additional types of spend for customers, as well as its significant growth in the enterprise segment. Since the initial close of the Series A, Teampay has seen an explosion in spend under management (SUM), which has increased 800 percent.
The company has an aggressive roadmap for new product and feature launches that will further increase its advantage over existing competitors and legacy alternatives, significantly increase value to customers, and extend its substantial lead in forging partnerships across the spend management ecosystem. Teampay will leverage these funds to accelerate go-to-market and customer acquisition, where it has been experiencing significant traction. The round, which brings Teampay’s total funding to $21M, was oversubscribed and closed at a significant uptick in valuation. Teampay, a distributed spend management platform, today announced that it has raised $5M in a Series A-1 extension led by new investor Fin Venture Capital, and supported by existing investors Tribe, Crosscut and Precursor.
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