Teampay raises $4 million in funding for their expense management platform

Funding will be used to continue to develop the platform and expand features and integrations

Financial trends and news by Josiah Motley
February 23, 2018
Short URL: http://vator.tv/n/4b13

At this point in my life, I've worked with multiple startups and while each one comes with its own set of hurdles and problems, one issue that has plagued every one of them has been managing expenses. And not just managing the overall costs it takes to run a business, but the complications that come with having to make purchases for employees or taking it a step further and trusting a hire with their own business credit card. 

Sure, it can be manageable for smaller teams, but what happens when you deal with these levels on a bigger scale? You want your employees to work as efficiently as possible, but that means that they can't come to you or another manager every time they need to make a purchase. Then there is the other side, where full autonomy means employees may be using company cards for questionable "business" purchases. There really needs to be some sort of balance

This is where something like Teampay comes in. Coming fresh off a funding round totaling $4 million, the company wants to offer businesses a way to not only issue cards that allow employees the freedom necessary to do their job efficiently, but also offers a quick, seamless way for managers and supervisors to monitor these purchases and in the case of recurring bills, cancel them easily without worrying about messing up someone else's workflow. 

With Slack and Google integrations already available, and Microsoft integrations in the works, Teampay issues virtual cards to employees and allows for easy monitoring through these platforms. You can see who purchased what, while allowing managers to make approvals through these platforms. It also allows for the quick cancellation of cards and payments when, for example, an employee quits or changes positions. Not only does the service help make transactions transparent, but it can also be used to monitor monthly expenses and the such through analytic reports.

Andrew Hoag, the founder and CEO of Teampay, explains their target demographic, “Our target customer is too small to have a full purchasing department, but too big to use the CEO’s credit card.” 

The funding was raised from multiple sources, including Crosscut Ventures, KEC Ventures, CoVenture, and multiple other funds and angel investors to continue to improve the platform and work on new integrations and features.