PayEm, a global spend and procurement platform for high-growth and multinational organizations, announced $27 million in funding this week.
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PayEm's 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.
The $27 million consists of a $7 million seed funding 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 company has demonstrated hyper-growth in Q2 21, growing its total portfolio value by 4x, generating millions of dollars in revenue.
Companies such as Fiverr, Jfrog, Next Insurance, and hundreds more have already adopted PayEm to manage their international and local spend.
"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 PayEm co-founder and CEO Itamar Jobani.
