Enterprise debit card provider Teampay has netted $4m in a Seed round, to support its sales and marketing to boost customer reach, Teampay founder told FinTech Global
The investment was led by Crosscut Ventures co-founder Rick Smith. Other participants to the round included KEC Ventures, Precursor Ventures, CoVenture, and group of angels.
New York-based Teampay helps companies to keep up with the expenses by connecting a company virtual debit card with a web interface to track and analyse spending. The platform has bank-level security and can be used through a mobile platform.
The solution works by all receipts being tied to a transaction and loads it into the chat window to help speed up approval and tracking of expenses. Specific parameters such as total spend limit, single or recurring purchases and spending over time can be set on each virtual card.
Teampay CEO Andrew Hoag said, “There’s a lot of attention on the commercial sector in FinTech right now, which I think is great. Traditional banks are getting broken up into their parts, and startups are innovating on the individual parts, all the while traditional providers in the space can’t keep up. It’s exciting.”
Over the year, the company’s main goal is to bringing in new mid-market customers that have 200 to 1,000 employees.
Hoag said, ?As a both founder and manager, I found it incredibly difficult to stay on top of what my team was spending, and it only become worse as people want to use their own software & services to do their job.
?Teampay is a new form of purchasing software that enables companies to request, approve, pay for, and track employee spend in real-time – creating an active versus reactive way of dealing with your company money.p>
Last month, travel expense management company Spendesk closed a ?2m funding round to support its expansion in Europe. The company helps companies to track the spending of their employees through a company card, as well as automating the invoice recovery and accounting tasks.
Within in expense market Hoag believes there is room for a lot of development. He said, “We see a lot of derivative ideas, like new ways to take pictures of receipts on your phone. There is a lot of room for solutions that actually help companies work smarter and more efficiently, as opposed to simply improving legacy processes.”
Crosscut Ventures recently contributed to the $8.5m funding round of e-commerce technology developer Reaction Commerce.
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