US fintech PayEm bags $220m in funding
US-based spend and procurement management platform PayEm has secured approximately $220 million in equity and credit funding from Viola Credit, Mitsubishi Financial Group, Collaborative Fund, and others.
PayEm says it will use the new money to fuel its growth, expand its credit card operation and support its customers’ payment needs across the globe.
“Our new warehouse credit facility allows us to scale our credit cards operation and support larger customers with our fast-growing payments platform,” says Itamar Jobani, co-founder and CEO of PayEm. “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.”
PayEm aims to provide “increased control” and “greater visibility” to its customers with an end-to-end procurement process, from request to reconciliation.
“With this current funding round, our technology will continue to evolve with additional features and benefits,” the firm adds.
Founded in 2019 and headquartered in New York, PayEm last raised $27 million in funding, bringing its total capital to $247 million to date.