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Israeli Fintech Startup PayEm Breaks Out with $27 Million in Funding

PayEm

PayEm co-founders Itamar Joban, Omer Rimoch (Credit Or Kaplan company pic)

PayEm is an Israeli fintech startup offering a global spend and procurement platform for high-growth and multinational organizations. PayEm has brought in a total of $27 million in funding. The funding comes from a $7million seed round led by Pitango First and NFX with participation by LocalGlobe and Fresh Fund, followed by a $20 million Series A led by Glilot+, the early growth fund of Glilot Capital Partners.

The PayEm platform 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 agile and in control.

PayEm boasts that its platform lets companies integrate their financial systems and ERP with an advanced end-to-end 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.

Global finance teams specifically have an additional lay

The company has demonstrated hyper-growth in Q2’21, growing its total portfolio value by 4x, generating millions of dollars in revenue.

“We built PayEm specifically to meet the needs of SMEs and enterprises. Between the rise of SaaS, the trend of hybrid work, and the acceleration of global expansion by companies as they tap into markets and talent pools, our platform enables employees and various departments to make their own spending decisions while offering centralized control and visibility for finance teams,” said Itamar Jobani, CEO and Co-Founder of PayEm. “By using our product, finance teams can manage every aspect of non-payroll expenditures, including credit cards, in a SOX-compliant way, and support multi-currencies and different accounting methods across multi-territories, while eliminating manual overhead on reconciliation.”

Lior Litwak, Managing Partner at Glilot Capital and Head of Glilot+, said: “PayEm is solving a fundamental problem for enterprises – the ongoing fragmentation in financial tools despite decades of innovation in expense management, approval flows, employee reimbursement, procurement and other corporate financial processes. PayEm offers a holistic spend management and procurement platform for corporates that serves and delights both employees, their managers, and financial officers, as demonstrated by the company’s tremendous recent growth. We are excited to join Itamar, Omer and the rest of the PayEm team as they continue to build the ideal end-to-end spend and procurement platform – a true financial operating system for modern businesses.”

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