PayEm, the global spend and procurement platform for high-growth and multinational organisations has announced $27million in funding. The $27million consists of a $7million seed funding round led by Pitango First and NFX with participation by LocalGlobe and Fresh Fund, followed by a $20million Series A led by Glilot+, the early growth fund of Glilot Capital Partners. The company has demonstrated hyper-growth in Q2’21, growing its total portfolio value by 4x, generating millions of dollars in revenue.
PayEm’s platform automates finance processes from request to reconciliation, giving individuals and teams within global organisations the ability to manage non-payroll spend as needed while safeguarding budget, automating manual accounting tasks, and allowing finance teams to remain agile and in control.
Until recently, most major spend decisions were made by the procurement and finance teams. Today, however, decision-making with regards to vendors, SaaS platforms and more are delegated to teams throughout the organisation. This paradigm shift has created additional complexities for finance teams that need to keep track of thousands of small transactions using outdated technology, often handling much of the work manually. At the same time, Nilson Report estimates that annual B2B payment volume presently sits at $127trillion and is expected to reach $200trillion by 2028.
Specifically designed for global SMEs and enterprises, PayEm’s technology offers control and transparency by streamlining reimbursement, procurement, AP automation, and credit card processes into one centralised platform. The platform allows every subsidiary to have financial and accounting autonomy while enabling holistic processes at the global level. By integrating companies’ financial systems and ERP with an advanced end-to-end customised request-to-approval workflow and payment solution at the global level, PayEm puts an end to fragmented workflows and manual tasks. The technology also has cross-border capabilities: finance teams using PayEm can send funds to over 200 territories in 130 different currencies in just one click.
Companies such as Fiverr, Jfrog, Next Insurance, and hundreds more have already adopted PayEm to manage their international and local spend. “We are delighted with the work that we have done so far with PayEm, it has saved days of manual work each month using their platform and automating our reconciliation processes” says Or Hecht, Procurement Manager at Fiverr.
“We’ve built PayEm to meet the needs of SMEs and enterprises. Between the rise of SaaS, the trend of hybrid work, and the acceleration of global expansion by companies as they tap into markets and talent pools, existing technologies simply couldn’t meet changing market needs in a holistic manner. Our platform enables employees and various departments to make their own spending decisions while offering centralised control and visibility for finance teams,” said Itamar Jobani, CEO and Co-Founder of PayEm. “By using our product, finance teams can manage every aspect of non-payroll expenditures, including credit cards, in a SOX-compliant way, support multi-currencies and different accounting methods across multi-territories, while eliminating manual overhead on reconciliation.”
Yair Cassuto, Partner at Pitango First: ”We’re seeing a substantial struggle for finance and procurement teams. Current systems and processes were not built for this paradigm shift in how budgets are spent and managed. PayEm’s market acceptance was very apparent with every introduction we’ve made during and after our investment process and we were astonished by the pace of adoption of PayEm’s solution.”
Lior Litwak, Managing Partner at Glilot Capital and Head of Glilot+, added: “PayEm’s holistic platform has seen tremendous growth in such short time precisely because it solves a truly fundamental problem for employees, managers, and financial officers alike – the ongoing fragmentation in corporate financial tools. We were impressed by PayEm’s vision and are excited to join their journey to create the ideal end-to-end spend and procurement platform for businesses.”
Speaking to The Fintech Times, Jobani exclusively explained why the company had decided to emerge from stealth at this point in time, “We have been experiencing amazing organic growth both in our customer base and our revenue stream and felt this would be a good time to tell the world about us. In addition, we were planning to communicate our Seed round initially but our Round A came up much faster then we expected so we decided to combine them both.”
Looking to the future, he said, “We are planning to expand our ERP integration coverage to support more ERP integrations and increase global expansion both in terms of Geo’s and product territory coverage.”