Itamar Jobani was a software developer working for a medical company and \u201chated that time of the month\u201d when he had to use the company\u2019s chosen reimbursement tool.<\/p>\n
\u201cIt was full of friction and as part of the company\u2019s wellness team, I felt an urge to take care of the employee experience and find a better tool,\u201d Jobani told TechCrunch. \u201cI looked for something, but didn\u2019t find it, so I tried to build it myself.\u201d<\/p>\n
What resulted was PayEm<\/a>, an Israeli company he founded with Omer Rimoch in 2019 to be a spend and procurement platform for high-growth and multinational organizations. Today, it announced $27 million in funding that includes $7 million in seed funding, led by Pitango First and NFX, with participation by LocalGlobe and Fresh Fund, as well as $20 million in Series A funding led by Glilot+.<\/p>\n How a band of P2P hackers planted the seeds of a unique expense management giant<\/a><\/p>\n<\/blockquote>\n\n The company\u2019s technology automates the reimbursement, procurement, accounts payable and credit card workflows to manage all of the requests and invoices, while also creating bills and sending payments to over 200 territories in 130 currencies.<\/p>\n It gives company finance teams a real-time look at 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 purchasing codes tied to a description of the transaction. At the same time, all transactions are continuously reconciled versus having to spend hours at the end of the month going through paperwork.<\/p>\n \u201cOrganizations are running in a more democratized way with teams buying things on behalf of the organization,\u201d Jobani said. \u201cWe built a platform to cater to those needs, so it\u2019s like a disbursement platform instead of a finance team always being in charge.\u201d<\/p>\n The global B2B payments market is valued at $120 trillion annually<\/a> and is expected to reach $200 trillion by 2028, according to payment industry newsletter Nilson Report. PayEm is among many B2B payments startups attracting venture capital \u2014 for example, last month, Nium announced a $200 million in Series D<\/a> funding at a $1 billion valuation. Paystand raised $50 million in Series C<\/a> funding to make B2B payments cashless, while Dwolla raised $21 million<\/a> for its API that allows companies to build and facilitate fast payments.<\/p>\n Meanwhile, PayEm itself saw accelerated growth in the second quarter of 2021, including increasing its transaction volume by four times over the previous quarter and generating millions of dollars in revenue. It now boasts a list of hundreds of customers like Fiverr, JFrog and Next Insurance. It also launched new features like the ability to create corporate cards.<\/p>\n The company, which also has an office in New York, has 40 employees currently, and the new funds will enable the company to triple its headcount, focusing on hiring in the United States, and to bring additional features and payment capabilities to market.<\/p>\n \u201cEach person can have a budget and a time frame for making the purchase, while accounting still feels in control,\u201d Jobani added. \u201cEveryone now has the full context and the right budget line item.\u201d<\/p>\n Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/l8gM92L30ZU\/<\/p>","protected":false},"excerpt":{"rendered":" Itamar Jobani was a software developer working for a medical company and \u201chated that time of the month\u201d when he had to use the company\u2019s chosen reimbursement tool. \u201cIt was <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19],"tags":[25],"class_list":["post-26073","post","type-post","status-publish","format-standard","hentry","category-enterprise-software","tag-enterprise"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n