Teampay, the leading distributed spend management platform, today announced that it has raised $5M in a Series A-1 extension led by new investor Fin Venture Capital, and supported by existing investors Tribe, Crosscut and Precursor. The round, which brings Teampay's total funding to $21M, was oversubscribed and closed at a significant uptick in valuation.

Teampay's distributed spend management platform gives high-growth companies total control and real-time visibility over purchasing, while empowering employees with smart, policy-driven access to company spend. The company's SaaS product delivers a user-friendly workflow that aligns spenders and finance, collects critical data, integrates it into legacy systems, and provides safe, intelligent payments.