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. 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. 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. 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.Įxisting 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. In our view corporate spending is very broken, and delivering a better solution represents a massive global opportunity, but a hard problem to solve.
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. 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 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. 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.
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