PayEm, the global spend and procurement platform for high-growth and multinational organizations announces $27M in funding. The $27M consists of a $7M seed funding round led by Pitango First and NFX with participation by LocalGlobe and Fresh Fund, followed by a $20M 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 organizations 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 organization. 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has created additional complexities for finance teams that need to keep track of thousands of small transactions using outdated technology, often handling much of the work manually.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 $127 trillion and is expected to reach $200 trillion by 2028.
PayEm has developed a platform that allows companies to integrate their financial systems and ERP with an advanced end-to-end customized request-to-approval workflow and payment solution. Specifically designed for global SMEs and enterprises, the platform offers control and transparency by streamlining reimbursement, procurement, AP automation, and credit card processes into corporate spending.
Global finance teams specifically have an additional layer of complexity: their local subsidiaries work in silos, use local banks and location-specific financial services. This creates even more manual work and a fragmented workflow. PayEm’s platform was built for national and multinational operations: with just a mouse click, one can define the default currency used for each subsidiary. The platform allows every subsidiary to have financial and accounting autonomy while enabling holistic processes at the global level. 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.
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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 built PayEm specifically 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, our platform enables employees and various departments to make their own spending decisions while offering centralized 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, and 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 enables companies to run agile distributed processes across teams, geographies and spend categories in a controlled, compliant and centralized manner. 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.”
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Lior Litwak, Managing Partner at Glilot Capital and Head of Glilot+, said: “PayEm is solving a fundamental problem for enterprises – the ongoing fragmentation in financial tools despite decades of innovation in expense management, approval flows, employee reimbursement, procurement and other corporate financial processes. PayEm offers a holistic spend management and procurement platform for corporates that serves and delights both employees, their managers, and financial officers, as demonstrated by the company’s tremendous recent growth. We are excited to join Itamar, Omer and the rest of the PayEm team as they continue to build the ideal end-to-end spend and procurement platform – a true financial operating system for modern businesses.”
Gigi Levy Weiss, General Partner at NFX, added: “PayEm has built an outstanding product which is already in use by many multinational companies. We believe that any company can benefit from the PayEm product and as such see almost unlimited potential. The very fast growth to date is a credit to not only the leadership of Itamar and Omer, but to the phenomenal team of developers and finance experts they’ve brought together. We are super excited about the company!”
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