In particular, the companies will explore opportunities to develop new features for the Catalyst card. The company will use the proceeds from its latest funding round to expand its partnership with Mastercard. It launched Catalyst in 2021 through a collaboration with Mastercard. Teampay also offers another payment card, Catalyst by Teampay, that is geared towards executives. This approach to procurement simplifies spend management in certain respects: finance teams can set card spending limits to ensure purchases don’t exceed internal budgets. According to the startup, the feature makes it possible to create a separate virtual card for every purchase. To help finance teams manage employee purchases, the platform provides the ability to issue virtual payment cards. The chatbot extracts the key details of each purchase request, evaluates them and approves the transaction if it complies with company’s internal budget rules. According to the startup, Purchase Assistant can automatically process employee purchase requests to save time for finance professionals. Teampay offers its budget management features alongside a chatbot called Purchase Assistant. A finance team could, for example, create a rule specifying that employee requests to purchase cloud instances are automatically approved when certain conditions are met. An organization’s finance team can use the platform to create rules that regulate how internal budgets are spent.
New York-based Teampay provides a platform that helps companies manage business expenses. “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 is entering the second half of 2022 well-positioned for future growth, as companies of all sizes strive to manage spending more strategically in the current uncertain economic environment,” said founder and Chief Executive Officer Andrew Hoag. Mastercard Inc., Proof Ventures, Trestle and Espresso Capital participated as well. Teampay Labs Inc., a startup helping companies manage their business expenses more efficiently, has closed a $47 million funding round.Īnnounced today, the Series B round was led by returning Teampay investor Fin Venture Capital.
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