PayEm, a Tel Aviv, Israel-based global spend and procurement platform for high-growth and multinational organizations, raised $27M in funding.
The round 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.
Founded in 2019 by Itamar Jobani, CEO, and Omer Rimoch, CTO, PayEm provides a platform that 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 in control.
The platform allows companies to integrate their financial systems and ERP with a 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.
The system 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.
Companies such as Fiverr, Jfrog, Next Insurance, and hundreds more have already adopted PayEm to manage their international and local spend.
FinSMEs
01/09/2021