PayEm Stealthy With $ 27M And Its Response To Expense Report – TechCrunch

Itamar Jobani was a software developer working for a medical company and “hated that time of the month” when he had to use the company’s chosen reimbursement tool.

β€œIt was full of friction and as part of the company’s wellness team, I felt the need to look after the employee experience and find a better tool,” Jobani told TechCrunch. “I looked for something, but couldn’t find it, so I tried to build it myself.”

What resulted was PayEm, an Israeli company that he founded with Omer Rimoch in 2019 to be a spending and acquisitions platform for multinational and high-growth organizations. Today, it announced $ 27 million in funds including $ 7 million in seed funds, led by Pitango First and NFX, with participation from LocalGlobe and Fresh Fund, as well as $ 20 million in Series A funds led by Glilot +.

The company’s technology automates refunds, acquisitions, accounts payable and credit card workflows to manage all requests and invoices, while creating invoices and sending payments to more than 200 territories in 130 currencies.

It gives company finance teams a real-time view of what items employees are asking for funds to buy and what is actually being spent. For example, teams can submit a request and go through an approval flow that can be customized with purchase codes linked to a description of the transaction. At the same time, all transactions are continually reconciled rather than having to spend hours at the end of the month going through paperwork.

“Organizations function in a more democratized way with teams buying things on behalf of the organization,” Jobani said. “We created a platform to meet those needs, so it is like a disbursement platform rather than a finance team always in charge.”

the The global B2B payments market is valued at $ 120 trillion annually. and is expected to reach $ 200 trillion by 2028, according to the payments industry bulletin Nilson Report. PayEm is one of many B2B payments startups attracting venture capital; For example, last month, Nium announced a $ 200 million in Series D financing at a billion dollar valuation. Raised paystand $ 50 million in Series C funding to make cashless B2B payments, while Dwolla raised $ 21 million for its API that allows companies to build and facilitate fast payments.

Meanwhile, PayEm experienced accelerated growth in the second quarter of 2021, including increasing its transaction volume four times over the previous quarter and generating millions of dollars in revenue. He now has a list of hundreds of clients like Fiverr, JFrog, and Next Insurance. It also launched new features like the ability to create corporate cards.

The company, which also has an office in New York, currently has 40 employees and the new funding will allow the company to triple its workforce, focusing on hiring in the United States, and bring additional functions and payment capabilities to market.

“Each person can have a budget and time frame to make the purchase, while the accounting still feels in control,” Jobani added. “Everyone now has the full context and the proper quote line item.”

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