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Teampay

“Can a purchasing workflow and spend management platform become the embedded financial control layer for mid-market and enterprise finance teams by combining card issuance, AP automation, and ERP-native reconciliation?”

Founded2016
HQNew York City, NY, USA
FoundersAndrew Hoag
Total raised$65M
Latest roundSeries B, November 2022
IndustryHorizontal SaaS / Spend Management
The story

Founded in 2016 as a spend management platform focused on automating the employee purchasing process, Teampay differentiated by embedding policy controls and approval workflows into card issuance (virtual and physical) and AP automation. After raising $65M through Series B, the company was acquired by Paystand and now operates as a division, powering Paystand Corporate Cards and Global Payouts infrastructure. The embedded finance angle centers on Visa card issuance via Sutton Bank and Community Federal Savings Bank, ACH payment rails via Dwolla, and international FX payouts via Currencycloud.

Last 12 months
2022-11
2025-01
Product timeline
2016
Andrew Hoag founded Teampay in New York City as a platform to automate and control employee purchasing and spend.· pivot
2018
Raised $4M seed round to build corporate spend management product.· banking
2019
Raised $12M Series A led by Tribe Capital; expanded platform to include virtual and physical cards with policy controls.· card
2020
Added $5M Series A-1 extension after 320% ARR growth; 800% increase in total spend managed.· pivot
2022
Raised $47M Series B led by Fin Venture Capital with Mastercard participation; expanded enterprise offering and AP automation.· acquisition
2024
Acquired by Paystand; Teampay operates as a division of Paystand, and corporate cards rebranded as Paystand Corporate Cards powered by Teampay.· acquisition
The stack
8 layers disclosed in Teampay’s embedded-finance stack
Payments / PSP
Dwolla
Money movement
in the full report
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Sponsor bank
in the full report
FX & payouts
in the full report
Accounting
in the full report
Accounting gap: minor
9 more providers across 7 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.