SAN FRANCISCO — PayEm, a platform for spend and procurement management, has landed $220 million in equity and credit financing from Viola Credit, Mitsubishi Financial Group, Collaborative Fund and others to fuel its growth.
“This is a significant milestone in the company’s growth. Our new warehouse credit facility allows us to scale our credit cards operation and support larger customers with our fast-growing payments platform. In addition, the new equity funding will enable us to continue building our platform,” said Itamar Jobani, CEO, PayEm. “With the current macroeconomic conditions, it’s never been more important for companies to have an efficient and clear lens into their financial health. We’re pleased to be that single source of truth for them as they may navigate turbulent times and supply chain issues, and simply need to do more with less.”
PayEm is a leader in the procurement and spend management space for the mid-market. PayEm, an “all-in-one” platform offers smart procurement solutions, AP automation, expanse reimbursement and smart credit cards. PayEm focuses on mid market companies that are struggling to balance between improving their financial oversight while enabling employees to do their work easier and faster, providing them the tools to request and execute their spend. PayEm is helping those companies by offering easy to use procurement workflows combined with world class payments and spend management capabilities. PayEm also has unique features such as supporting multi national entities and cross border payments
The PayEm platform enables finance and procurement teams to drive compliance, help create a culture of accountability, and to drive efficiencies and savings. PayEm supports customers around the world from its offices in San Francisco and headquarters in Tel Aviv. Over the last year, PayEm grew its customer base by 300 percent and its revenues by 550 percent.
“With PayEm, we were able to accomplish our goals in nearly half the time. Our management team benefits from much more transparency now. Closing the books is much more efficient, and we don’t need to wait for the end of the month. Any transaction that’s been recorded in PayEm is already in NetSuite,” said Yana Fridman, VP Finance Vi-Labs, an Enterprise-AI for digital health Vi-Labs that previously had disparate systems for AP, Credit Cards, and Spend Management.
“We’re excited to join PayEm and back its growing payments program as it enters its next phase of growth to rebuild and streamline the procurement and finance processes for the new age economy,” said Ido Vigdor, General Partner at Viola Credit. “We’re seeing an incredible demand by CFOs for Payem’s connected finance and procurement platform, even more so during times like these as it becomes a key enabler to streamline and control financial policies within the organization, while delegating to employees the decisions over their budget.”
PayEm has raised $247 million in credit and equity since its launch in January 2020. Investors in PayEm include Pitango, NFX, Glilot, LocalGlobe, Fresh. Fund and co-founders of various companies.