Israeli spend and procurement management platform PayEm announced today the completion of a $20 million Series A financing round, and $200 million in credit financing from Viola Credit, Mitsubishi Financial Group, Collaborative Fund and others.
With offices in Tel Aviv and San Francisco, PayEm was founded by CEO Itamar Jobani and CTO Omer Rimoch.
Jobani said, “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. 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.”
PayEm has developed an “all-in-one” platform offering smart procurement solutions, AP automation, expanse reimbursement and smart credit cards. PayEm focuses on mid-market companies that are struggling to balance between improving their financial oversight while enabling employees to do their work easier and faster, providing them the tools to request and execute their spend. PayEm is helping those companies by offering easy to use procurement workflows combined with world class payments and spend management capabilities. PayEm also has unique features such as supporting multinational entities and cross border payments.
Over the last year, PayEm grew its customer base by 300% and its revenue by 550%.
Published by Globes, Israel business news – en.globes.co.il – on January 24, 2023.
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