US Spend Management Platform PayEm Secures $220m in Funding

US-based spend management platform PayEm has secured approximately $220 million in equity and credit funding from Viola Credit, Mitsubishi Financial Group, Collaborative Fund, and others. The funds would help the company serve larger customers and improve its core product.

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, 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."

"With this current funding round, our technology will continue to evolve with additional features and benefits," the firm adds.

Founded in 2019 and based in San Francisco, PayEm offers reimbursement, procurement, accounts payable (AP) automation and credit card tools in one centralized platform.