“Today, companies care more than ever about where every dollar goes, which requires a new perspective,” Hoag told TechCrunch in an email interview. Last year, Teampay launched a Mastercard-branded corporate card, Catalyst, with spend management features, signaling the startup’s intentions to venture further into the heated corporate card space. Hoag says that the new cash will be put toward expanding Teampay’s partnership with Mastercard and growing its sales and marketing operations. This morning marked the close of the company’s $47 million ($35.25 million in equity, $11.75 million in debt) Series B led by Fin Venture Capital with participation from Mastercard, Proof Ventures, Trestle and Espresso Capital, bringing Teampay’s total raised to $65 million.
Today, Teampay has hundreds of customers and significant venture capital financing behind it.
Hoag’s insight was that the way businesses spend money is changing, particularly as they embraced digital transformation, and that visibility into - and control over - spend was becoming increasingly important with the economy’s ups and downs. In 2016, Andrew Hoag, formerly a senior manager at Verisign and a web project lead at NASA’s Ames Research Center, founded Teampay, a platform that attempts to automate the software purchasing process for companies.
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