PayEm Announces $220M in Equity and Credit Financing

PayEm, a San Francisco based platform for spend and procurement management announced $220 million in equity and credit financing from Viola Credit, Mitsubishi Financial Group, Collaborative Fund and others to fuel its growth.

“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,”

said Itamar Jobani, CEO, PayEm.

“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.”

The PayEm platform enables finance and procurement teams to drive compliance, help create a culture of accountability, and to drive efficiencies and savings. PayEm today supports customers around the world from its offices in San Francisco and Tel Aviv. Over the last year, PayEm grew its customer base by 300 percent and its revenues by 550 percent.

Leadership and advisory team additions

The company has also announced three major additions to its leadership team.

Steve Sovik has joined as Chief Revenue Officer. Prior to PayEm, Steve served as Chief Revenue Officer at Tipalti, where he grew sales 3,250% in 3.5 years. Formerly, he was SVP of Global Sales at Coupa.

Dorit Bruner, joins as PayEm’s CFO overseeing PayEm’s finance, legal and accounting with the practice as being a part of senior management finance teams for over 20 years leading large teams through periods of exponential growth, including her tenure at Datorama, where she led the company through their recent acquisition by Salesforce for $850 million.

Gilad Bonjack joins as the company’s VP Product with experience from multiple leading global SaaS companies, such as Hi-bob and Lightsticks.

Also, the Company is announcing today a new addition to its advisory board. Greg Tennyson, former VP and Chief Procurement Officer at Oracle, Salesforce, and most recently at VSP Global, brings procure-to-pay technology experience, best practices, and digital transformation knowledge spanning three decades. Greg has been on the advisory boards of Oracle, Coupa, Aravo Solutions, ScoutRFP (now Workday), and Zip. At PayEm, Greg will work closely with the leadership team to shape the product vision and roadmap and bring much-needed innovation to the procurement space.

This article first appeared on fintechnews.am