Teampay

About Teampay

Teampay operates as a distributed spend management platform, providing software solutions designed to centralize and streamline corporate purchasing processes. Founded in 2016 by Andrew Hoag, the New York-based company was established to address the inefficiencies and lack of control inherent in traditional business spending. Hoag, a serial entrepreneur with a background in engineering and technology at organizations like NASA and Verisign, recognized the need for a more secure and efficient way for employees to make company purchases, which led to the creation of Teampay.

The company's business model is centered on a Software-as-a-Service (SaaS) platform that serves high-growth, mid-market, and enterprise clients across various sectors, including technology, finance, and education. Revenue is generated through software subscriptions. In April 2024, Teampay was acquired by PayStand, a B2B payments company, in a strategic move to create a comprehensive platform combining PayStand's blockchain-enabled payments network with Teampay's spend management capabilities. This acquisition aims to empower CFOs by providing a unified solution for managing both accounts receivable and accounts payable, enhancing cash flow and operational efficiency.

Teampay's all-in-one platform is designed to manage the entire purchasing lifecycle, from request to reconciliation. It allows employees to request purchases through familiar communication tools like Slack and Microsoft Teams. Once a request is made, it is routed through automated, policy-driven approval workflows before any funds are spent. For payment, the platform issues intelligent virtual and physical cards with pre-set controls and also handles invoices and reimbursements. Key features include automated accounting and ERP synchronization, real-time spending visibility through dashboards, and accounts payable automation with OCR technology for invoice processing. This integrated approach eliminates the need for manual expense reports, reduces unauthorized spending, and provides finance teams with immediate, accurate data for better decision-making.