PayEm raised a $20 million in a SAFE and an additional $200 million credit line from Viola Credit. The SAFE was raised from Mitsubishi Financial Group, Collaborative Fund, Pitango First, NFX, LocalGlobe and Glilot. The funds will help the company to expand PayEm’s card operations, serving larger customers and improving the employee experience within the core digital product.
PayEm has created a comprehensive platform that provides smart procurement options, automated accounts payable processes, streamlined expense reimbursement, and smart credit cards. The company caters to mid-market firms that face the challenge of enhancing their financial management while streamlining their employees’ work processes. PayEm helps these businesses achieve this by offering simple procurement workflows combined with superior payments and spending management capabilities. It also boasts unique features, including support for multinational organizations and cross-border payments.
In an interview to Israeli financial newspaper Globes co-founder and CEO Itamar Jobani “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.”