January 24, 2023
PayEm Announces $220M in Equity and Credit Financing for its Spend and Procurement Management Platform
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We are excited to announce that we have received an approximate $220m investment in equity and credit financing. The investment comes from Viola Credit, Mitsubishi Financial Group, Collaborative Fund, and others to fuel our growth! Our new warehouse credit will allow us to continue to grow our credit card operation and support our customers' payment needs across the globe.
The money invested is proof of the importance of achieving and maintaining efficiency in every business. We will provide increased control and greater visibility to all our customers with our end-to-end procurement process, from the request to reconciliation. With this current funding round, our technology will continue to evolve with additional features and benefits.
“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.”
“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.
