Fintech Funding: Teampay raises $47M in Series B funding round

Purchasing platform Teampay raised $47 million in Series B funding earlier this month. The New York-based fintech is a spend management platform that allows companies to request, approve and track expenditures in real time, according to Crunchbase . [caption id="attachment_57365337" align="alignright" width="242"] Image by CanStock [/caption] Teampay will use the funding toward advancing its go-to-market strategy, expand its workforce and prioritize its recent partnership with Mastercard to continue on its path of innovation, according to a company release. “With this latest funding, we will continue to capture the market with our best-in-class solutions for company spend, while also growing our enterprise offering to match demand,” Teampay Chief Executive and founder Andrew Hoag said in the release. “We are continuing to expand our team at scale, to further advance our mission to help high-growth companies modernize their purchasing process.” The funding round was led by Mastercard with additional investors including Espresso Capital , Fin Capital , Trestle Partners and Proof Ventures , according to Crunchbase. The funding round brings the fintech’s total funding to $79.8 million. Fintech Plooto raises $20M Payment management fintech Plooto raised $20 million in Series B funding this week. The Canada-based fintech automates accounts payable and accounts receivable systems to streamline payments capabilities for small businesses, according to a Plooto release. The funding will be used to expand its customer base, launch new product lines and grow the Plooto team, according to the release. “Our vision, since inception, has been to enable the advancement of entrepreneurs to reach their full potential without being bogged down by cumbersome and inefficient financial processes,” Plooto Chief Executive Hamed Abbasi said in the release. Participants of the latest funding round included Centana Growth Partners , FINTOP Capital and Luge Capital , according to Crunchbase. Plooto was founded in 2015 and has a total of $26.2 million in funding. Brightside secures $33M in Series B funding round Financial health solution Brightside secured $33 million in its recent Series B funding round led by Obvious Ventures . The San Francisco-based fintech will use the capital toward platform enhancements including adding AI capabilities, according to a Brightside release. “At Brightside, we have added financial urgent care and financial primary care to wellness to meet people where they are to measurably improve the financial health of working families,” Brightside Chief Executive Tom Spann said in the release. “With this funding, we’ll be able to expand our offering to more employers and families - something that’s desperately needed during this time of inflation and economic uncertainty.” Obvious Ventures, Andreessen Horowitz , Trinity Ventures , Clocktower Technology Ventures and Chestnut Street Ventures participated in the funding round and brought the fintech’s total funding to $72.2 million, according to Crunchbase. Databento raises $31.8M in venture round Pay-as-you-go financial data provider Databento raised $31.8 million in a venture round led by Indicator Ventures , Trousdale Ventures and Unusual Ventures earlier this week. The Boston-based fintech has raised a total of $63.6 million over six funding rounds since its founding in 2019, according to Crunchbase. 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