At Fin VC we have been actively looking for CFO Tech Stack solutions that unlock the power of modern B2B payments and open architectures to transform the Finance function.
Teampay is pioneering the next generation CFO Tech Stack with a distributed spend management solution that is purpose-built for today’s decentralized, real-time, and dynamic corporate operating environment. The Company’s software and payments platform enables employees with multi-channel request, intelligent approval and authorization, and real-time spend tracking while providing finance teams complete control and transparency on all enterprise purchasing. Teampay is used by leading companies including Chime, Datadog, and One Medical and is on track to manage over $1B+ of annual recurring spend in the next few months.
In our view corporate spending is very broken, and delivering a better solution represents a massive global opportunity, but a hard problem to solve. The business process of spend requires not merely purchase approvals, but also integration into numerous other systems (ERP, AP, FP&A, HRIS, CLM, Security, Vendors) coupled with a layer of intelligence plus consumer-grade design that prioritizes usability and functionality.
Existing legacy approaches to corporate spending — company credit cards, expense reports, annual budgets, cumbersome approval requests, manual receipts, complex reconciliations, and slow reimbursements — are error prone, miserably inefficient, painfully bureaucratic, and inevitably wasteful. Finance departments have no idea what’s been spent until well after the money is gone, resulting in uncertainty about spend, redundant purchases, policy misalignment, and a backlog of manual work.
Teampay’s patented conversational interface integrates seamlessly into leading collaboration tools like Slack and allows anyone to make a request without any training, guiding them through the right process and automatically enforcing the correct policy. By unifying the entire end-to-end process from request to reconciliation, companies using Teampay improve compliance, reduce manual work, coordinate with all systems and departments, and ensure accurate real-time data — providing an entirely new way to control the outflow of money within a business.
In our view Teampay is following the trajectory of other first-class, consumer-grade enterprise software: Okta delivered IT departments a central hub to control user access to cloud services; Box provided software to manage distributed users of enterprise cloud storage; Github enabled Engineering to dynamically manage end-to-end software development; and now with Teampay, Finance departments are equipped with a modern tool to manage the end-to-end process around purchasing that includes user access, authorization, and execution of spending. With Teampay, CFOs can control the flow of money the way Github, Box, Okta, Marketo, Salesforce do etc. for source code, cloud storage, cloud services & customers.
We are excited to share that we have recently led the Series A-1 round in Teampay, supported by Tribe Capital and Crosscut Ventures, and that Fin VC will be joining as a Board Advisor. We look forward to rolling up our sleeves and working closely with Teampay’s management team and helping them accelerate into an incredibly exciting opportunity over the coming years.