It’s important for finance teams to know what employees are spending company money on, but expenses could range from business lunches to travel, software and contractors. So it can be hard to audit where all the money goes.
With Teampay, the process gets a little bit easier. The company has created a software platform that lets employees make acceptable business-related expenditures while giving the company visibility and control over purchasing.
“The purchasing department of today is all your employees,” Teampay CEO Andrew Hoag said in a statement. “With legacy tools, you have no proactive control, and controllers spend days or weeks at the end of the month trying to code and reconcile what was spent. That’s why we created Teampay – the first distributed spend management platform that makes it safe and frictionless for everyone to buy on behalf of the company, whilst enforcing policy upfront and automatically reconciling in real-time.”
On Thursday, Teampay announced that it closed a $12 million Series A funding round, led by Tribe Capital. That brings the company’s total funding to $16 million.
The new funding will help the company grow its product’s functionalities and expand its team. Teampay recently made several high-level hires, including a VP of finance, VP of marketing and head of sales.
The company has reported double-digit monthly growth for the past seven quarters. Teampay’s platform is used by a number of businesses, including Foursquare, Goop, RiskIQ, Headspace and more.
Kevin Neary, who works in the finance department for Wistia, uses Teampay to manage expenses. He had this to say about the platform:
“Teampay’s request and approval workflow was a game changer for us. We had been looking for a way to proactively enforce policy controls and automate the procurement workflow and reconciliation,” Neary said in a satement. “With Teampay, there are no more emails from the business with card requests. No more manually logging into a system to spin up a new card. Most importantly, no more being a bottleneck for requests.”
