PayEm Announces $220M in Equity and Credit Financing for its Spend and Procurement Management Platform
The company also adds Steve Sovik as CRO; Dorit Bruner as CFO; Gilad Bojack as VP of Product and names Greg Tennyson to advisory board
PayEm, the leading platform for spend and procurement management announced $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
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The PayEm platform enables finance and procurement teams to drive compliance, help create a culture of accountability, and to drive efficiencies and savings. PayEm today supports customers around the world from its offices in San Francisco and 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.”
We see most businesses, small and large, spending resources to tie point solutions together manually to make things work. This is frustrating for the finance teams and the employees. Spend data can be very effective in improving a business’s efficiency but due to the friction involved, most of it remains latent. PayEm identified the problem and developed the right balance of applications and integrations to provide a connected, modern finance platform. As a financial institution, we want our customers to have access to the best financial technology and will work with the company in delivering that,״ said Mayank Shiromani, Director of Investments, MUFG Innovation Partners, Corporate VC of Mitsubishi UFJ financial group, one of Japan’s largest financial institutions
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Leadership and advisory team additions
The company has also announced three major additions to its leadership team.
Steve Sovik has joined as Chief Revenue Officer. Prior to PayEm, Steve served as Chief Revenue Officer at Tipalti, where he grew sales 3,250% in 3.5 years. Formerly, he was SVP of Global Sales at Coupa, where sales grew 5,000% during his tenure and eventually resulted in a successful IPO.
Dorit Bruner, joins as PayEm’s CFO overseeing PayEm’s finance, legal and accounting with the practice as being a part of senior management finance teams for over 20 years leading large teams through periods of exponential growth, including her tenure at Datorama, where she led the company through their recent acquisition by Salesforce for $850 million.
Gilad Bonjack joins as the company’s VP Product with experience from multiple leading global SaaS companies, such as Hi-bob and Lightsticks.
Also, the Company is announcing today a new addition to its advisory board. Greg Tennyson, former VP and Chief Procurement Officer at Oracle, Salesforce, and most recently at VSP Global, brings procure-to-pay technology experience, best practices, and digital transformation knowledge spanning three decades. Greg has been on the advisory boards of Oracle, Coupa, Aravo Solutions, ScoutRFP (now Workday), and Zip. At PayEm, Greg will work closely with the leadership team to shape the product vision and roadmap and bring much-needed innovation to the procurement space.
