- Valuation Model
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- Founders, funding
What problem is Teampay solving and what is the core use case that has led to its traction?
Andrew Hoag
Founder & CEO at Teampay
I started Teampay out of my own frustration. I'd been an operator and entrepreneur for most of my life and realized that whenever I needed to buy something, I had to go to different systems for different purchases. If there was someone on my team that needed to make a purchase, the process wasn't necessarily easy. I was either sharing a corporate card or trying to figure out how to get it paid for. We started Teampay over five years ago with a really simple premise: It's one place for anyone to buy anything regardless of how they’re paying. Teampay becomes that simple, single system that can actually route people to the right place, make sure the right policy is enforced, and then even handle the payment on the back. Payment types include reimbursement, a physical card, a virtual card, a corporate card, ACH, check, and wire, whatever it might be. It’s distributed spend management and really it's just a single system for any employee to go make a purchase.