“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?”
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.
Teampay discloses Sutton Bank as its banking provider, according to the Embedded Finance Index 2026.
Teampay does not disclose a bank charter of its own; its banking services are provided through Sutton Bank.
Teampay processes payments through Dwolla. Disclosed money-movement rails: ACH.
Teampay's cards are issued through Sutton Bank.
Teampay uses Currencycloud for FX and cross-border payouts.
Teampay integrates with NetSuite, QuickBooks and Xero.
The Embedded Finance Index 2026 maps 7 layers in Teampay's stack: Payments / PSP (Dwolla); Money movement (ACH); Banking / BaaS (Sutton Bank); Card issuing (Sutton Bank); Sponsor bank (Sutton Bank); FX & payouts (Currencycloud); Accounting (NetSuite, QuickBooks and Xero).
Teampay was founded by Andrew Hoag and is founded in 2016, headquartered in New York City, NY, USA.
Teampay has raised $65M in total (latest round: Series B, November 2022).
Get a read on where your own stack stands against Teampay and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.