Spend management space sees a large raise, and layoffs, in the same week

News Summary

  • There are also no hidden or annual fees, according to the company.” More here.Christine spoke with Stripe’s Vivek Sharma, head of revenue and finance automation, about the financial infrastructure company’s updates to its revenue and finance automation suite that included new billing features, tax API and revenue reporting tool.
  • Axios reported last week that Teampay, a corporate card company, confirmed it laid off 30% of its 100-person staff “in two instances in recent months.”This comes five months after colleague Kyle Wiggers reported that Teampay secured $47 million in equity and debt.
  • One of those is Clara, a spend management company based in Mexico that announced $60 million in new funding last week.
  • Gerry Giacomán Colyer, Clara’s co-founder and CEO, told me the company is working with over 10,000 customers across Latin America and that its annual run rate of 5 million credit card transactions is equivalent to $1 billion.He also noted that “over 10x in transactional volume is coming from revenue.
  • The rationale behind the new feature plays to the notion that if merchants can spend less time on tedious tasks such as consolidating their invoices and paying bills, they can spend more time focusing on growing their businesses.
  • Also, the company touts that recent calendar year volume is nearly 80x that of the first full year of the Navan Expense product launch.
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