PayEm, an Israeli fintech startup offering a global spend and procurement platform for high-growth and multinational organizations, raised $20 million in equity funding from Mitsubishi Financial Group, Collaborative Fund and others. The firm has also acquired $200 million in credit financing from Viola Credit.
This raise comes a little over a year after PayEm’s previous raise when the company brought in $27 million in funding 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.
founded in 2019 by CEO Itamar Jobani, and CTO Omer Rimoch, 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.
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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.
“This is a significant milestone in the company’s growth,” said PayEm CEO Itamar Jobani. “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. 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.”