Teampay is a technology company.
Teampay has raised $65.0M across 4 funding rounds.
Teampay has raised $65.0M in total across 4 funding rounds.
Teampay has raised $65.0M in total across 4 funding rounds.
Teampay's investors include Climate Capital, Crosscut Ventures, Tribe Capital, Vouch Insurance, Damien Mahoney, David Emanuel, Activant Capital, Haun Ventures, Streamlined Ventures, Sung ho Choi, Moderne Ventures, Pitbull Ventures.
Teampay is an all-in-one spend management platform designed for modern, tech-enabled businesses, streamlining purchasing, approvals, payments, and reconciliation to eliminate manual expense processes.[1][2][3][4] It serves finance teams, managers, and employees in growing companies—particularly high-growth tech firms—by solving fragmented spend tracking, overspending, lost receipts, and delayed approvals through virtual cards with budgets, automated workflows, real-time dashboards, and ERP integrations.[1][2][3][4] With 51-200 employees and $21 million in total funding (including a 2020 Series A led by Fin Venture Capital), Teampay demonstrates strong growth momentum, now operating as a division of Paystand while powering efficient spend for scaling organizations.[1][5][6]
Teampay emerged from the challenges of rapid growth in high-growth companies, where spikes in purchasing, invoicing, and payments overwhelm traditional finance processes.[5] Founder Hoag identified the need for a simple, employee-friendly system to enable compliant, efficient spending without card sharing or manual reconciliation, leading him to build Teampay as a single-founder startup focused on procurement workflows.[5] Officially established shortly after, it gained early traction by automating requests-to-reports, growing to 60-75 full-time employees and securing $21 million in funding by 2020, with backers like Crosscut, Tribe, and Precursor.[5] By 2025, it integrated as a division of Paystand, expanding its fintech capabilities while maintaining its core mission.[6][8]
Teampay stands out in spend management through proactive controls and employee empowerment:
Teampay rides the fintech wave in spend management, capitalizing on the shift from legacy expense tools to automated, real-time platforms amid remote/hybrid work and hyper-growth in tech startups.[1][3][5] Timing aligns with post-pandemic scaling demands, where finance teams face 10x spend surges; market forces like rising operational costs and regulatory compliance favor its controls and integrations.[5] It influences the ecosystem by enabling faster decisions for high-growth firms (e.g., Zumper), reducing finance bottlenecks, and promoting data-driven optimization in a $100B+ procurement software market.[2][5]
Teampay's trajectory points to deeper Paystand synergies, expanding into global payments and AI-driven spend predictions amid rising demand for embedded finance.[6][8] Trends like zero-touch automation and multi-entity scaling will propel it, potentially unlocking enterprise deals as economic pressures demand cost controls. Its influence may evolve from startup specialist to broad fintech leader, empowering more businesses to "spend smarter" in volatile markets—echoing its founding promise of efficiency over chaos.[3][5]
Teampay has raised $65.0M across 4 funding rounds. Most recently, it raised $47.0M Series B in November 2022.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Nov 1, 2022 | $47.0M Series B | Climate Capital, Crosscut Ventures, Tribe Capital, Vouch Insurance, Damien Mahoney, David Emanuel | |
| Oct 1, 2020 | $5.0M Series A | Activant Capital, Climate Capital, Crosscut Ventures, Haun Ventures, Streamlined Ventures, Tribe Capital, Vouch Insurance, Damien Mahoney, David Emanuel, Sung ho Choi | |
| Sep 1, 2019 | $9.0M Series A | Activant Capital, Haun Ventures, Streamlined Ventures, Tribe Capital, Sung ho Choi | |
| Feb 1, 2018 | $4.0M Seed | Climate Capital, Crosscut Ventures, Moderne Ventures, Pitbull Ventures |