NEW YORK, April 30, 2021 (GLOBE NEWSWIRE) -- Today, Teampay, the leading distributed spend management platform, announced its new integration with Silicon Valley Bank’s (SVB) Innovators Card, extending critical spend management capabilities to businesses and employees that utilize the card. This new agreement builds on Teampay and SVB’s existing relationship and will expand card offerings to customers of both companies.
Teampay’s spend management platform integrates with the Innovators Card, unlocking proactive control capabilities and real-time visibility. Through this integration, Teampay customers can now leverage their existing SVB credit line through the Innovators Card, while using all the benefits of Teampay’s spend management platform. The new integration launches in tandem with a referral agreement between the two companies. Teampay and SVB have worked together since 2017 to offer spend management capabilities for SVB’s other business card products.
Teampay’s spend management platform offers a crucial level of oversight for the high-growth, venture-backed businesses that utilize the Innovators Card. Through Teampay’s easy-to-use conversational UI, employees request approvals for purchases. After routing approvals based on company policy, Teampay automatically issues virtual cards that leverage the organization’s SVB credit line. The SVB virtual cards are controlled by amount and vendor to ensure compliance. Additionally, transactions are automatically reconciled in the customer’s ERP, giving finance real-time visibility into spend.
“Companies must move more rapidly than ever to succeed today, and the ability to closely manage and control spend is essential,” said Andrew Hoag, CEO of Teampay. “Our new integration with SVB’s Innovators Card further expands the options for customers to choose the right card program that works best for them. It also makes the onboarding process to our platform quick and seamless, giving card users the flexibility and agility they need to thrive in a fast-paced business environment.”
Today’s businesses, and especially emerging companies, need financial tools that allow them to operate effectively while moving at speed. Money is moving through organizations more dynamically than ever, and more employees are making necessary purchases each day. Finance teams and individual employees need insight into what is being spent, proactive controls over company policy compliance, and better understanding of real-time budget constraints. Both access to and control over funds are critical, and Teampay‘s integration with SVB’s Innovators Card allows companies to have both without sacrificing control or efficiency.
“We built the Innovators Card to help fast-growing companies meet their business needs, and our long-standing partnership with Teampay gives customers a modern purchasing experience combined with card controls and real-time visibility,” said Jon Oakes, Managing Director of Card Products, SVB. “Spend management technology is a necessity in today’s business environment, and partnering with Teampay allows us to offer an excellent platform to our customers.”
Learn more about Teampay’s partnership with SVB, including the Innovators Card, at teampay.co/svb
About Teampay
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. Teampay’s patented technology (U.S. Pat. No. 10,755,339, and other patents pending) delivers a user-friendly workflow that aligns spenders and finance, collects critical data, integrates it into legacy systems, and provides safe, intelligent payments. As such, the platform solves the common problems of policy misalignment, lack of transparency, and unpredictable spending. Teampay was founded in 2016 and is headquartered in New York City.
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
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