TeamPay

Teampay offers a business payout management platform to help finance teams automate and control the payments flowing out of the business across the organization, including for accounts payable (AP). Its patented payout platform guides employees through buying processes through a conversational UI, which coincides with the approval workflows and business rules. Moreover, its AP automation tool covers the entire process from invoice capturing and matching to approvals and making the payments (through ACH or virtual cards). 

Teampay also offers physical and virtual business expense management cards. It offers two forms of physical cards; 1) “Catalyst” card, mainly for C-suite employees, and 2) “Teampay go” for other employees. Accordingly, the Catalyst cards have less pre-approvals and superior benefits such as the “Mastercard Corporate World Elite” perks (as opposed to “Mastercard Corporate Card” perks offered to Teampay go users). In addition to issuing its own cards in partnership with Mastercard, the Teampay spend management solutions can also be integrated with cards issued by other institutions, such as Silicon Valley Bank. 

Teampay’s solutions can be integrated with several ERP software solutions to automate reconciliations and improve spend visibility and insights. Third-party software integrations include Sage, Microsoft Dynamics 365, QuickBooks, Xero, and Netsuite. The company reportedly generates revenue primarily from software fees, rather than interchange fees from transactions.  

Key customers and partnerships

Teampay primarily caters to mid-market businesses and had over 100 enterprise users as of April 2022, including Grammarly, Chime, Zumper, and Boxed. 

Funding and financials

Teampay reported that its annual recurring revenue (ARR) rose around 320% from September 2019 to October 2020, while the spend managed by the platform increased roughly 800% during the period. 

The company raised USD 47 million in November 2022 - comprising USD 35.25 million in Series B funding and USD 11.75 million in debt. The funds were earmarked for investment in expanding its sales and marketing operations as well as deepening its partnership with Mastercard.