Time Overviewįrom recruiting and onboarding to learning and development, get the very best out of your people.įlexible, people-friendly HR Services & Outsourcing for your unique business.įocus on what matters most by outsourcing payroll and HR tasks. Track hours worked, manage time-off requests. Let’s see how much further it can amp its ARR before its real Series B.Explore our full range of payroll and HR services, products, integrations and apps for businesses of all sizes and industries.įast, easy, accurate payroll and tax, so you save time and money. TechCrunch has covered aggressive extension rounds in recent months, putting Teampay in good company with firms that are doing well, leading to their taking on more capital to go even faster. Instead, he said, Teampay pulled forward a bit of its future Series B on the back of big growth, presumably to help the company do more today in anticipation of its later, more traditionally sized next round. He said that the letter-series round demarcations have lost some of their specificity in 2020 (true), undercutting the main thrust of my quibble, and that this round was too small to be called a Series B (also true). I asked Hoag why the new round is not simply called a Series B. With this raise, Teampay has now raised $21 million in known equity financing to date. Brex and Ramp and Divvy and Airbase, not to mention old-guard products like Concur and Expensify, are in the market.īut with a fresh $5 million led by Fin Venture Capital and participated in by prior investors like Crosscut, and Tribe, and the ubiquitous Precursor, Teampay has new ammunition with which to go hunting.
On the topic of competition, Teampay has lots in various forms. So unlike Divvy, say, or Brex, Teampay generates most of its income from software fees instead of interchange revenues, though the company did tell TechCrunch that it has room to derive more revenues from spend over time. Teampay doesn’t want to reinvent the corporate card, but instead provide a set of tools to help companies manage their outflows, no matter what format they take (ACH, virtual cards, etc.).
The startup targets the midmarket with its spend software, helping companies control what Hoag views as a business process problem, not merely an ability-to-spend issue. The rising complexity of running companies in the aftermath of COVID-19 and its economic disruptions has been a boon for the startup, with Teampay seeing its sales cycle cut in half, the CEO said, and bigger companies coming to its door, looking for help. This has gotten harder in 2020, as companies went from having an office with many employees to many employees in home offices. Teampay, Hoag said in an interview, wants to help companies control their bank accounts. Tribe leads $12M Series A into Teampay to make managing employee expenses painless
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