Future 5 start-up winner Teampay talks spend management unification

Teampay, a procurement spend management solution, is becoming known as a modern variation on the e-procurement world, and was also recently named a Future 5 start-up by Spend Matters.

For those who aren’t aware, the Future 5 list represents five of the most exciting procurement start-ups in the world today according to our analysts. Many procurement technology start-ups move from early-stage to market contenders quickly, so each company was vetted by the Spend Matters analyst team to meet the following criteria:

• Be less than 5 years old, with ideally less than 2 years in market (official product launch)
• Have 5+ customers
• Have an innovative, interesting application of technology
• Have clear momentum and staying power
• Have under $10 million in revenue

Teampay provides tools for employees to request or independently purchase goods and services with predefined limitations. Instead of going through a centralized procurement function, employees in various departments identify and purchase what they need or seek approvals based on certain business rules. In this way Teampay is taking a critical eye to the spend management marketplace, unifying services and tail spend in particular, and allowing purchasers to make recurring or one time purchases that procurement or finance likely has too little time to manage effectively.

In Spend Matters’ PRO coverage, Nick Heinzmann said: “Its ability to support intuitive, conversational requisitioning and automatic payments, while keeping end users within the boundaries of flexible business rules, creates a seamless user experience that many of its enterprise-grade peers might envy.”

We chatted with Teampay’s CEO Andrew Hoag to learn more about the solution and to get a first-hand understanding of just what it means to be selected as a Future 5 start-up.