PayEm, a San Francisco-based platform for spend and procurement management, raised $220mn in equity and credit financing backed by Viola Credit, Mitsubishi Financial Group, Collaborative Fund, Pitango First, NFX, LocalGlobe and Glilot+.

Having raised $247mn in credit and equity since its launch in 2020, the startup offers procurement tools and workflows for expense approval automation, accounts payable automation, purchase order creation, expense reimbursement and credit card management.

“This is a significant milestone in the company’s growth. Our new warehouse credit facility allows us to scale our credit cards operation and support larger customers with our fast-growing payments platform,” said Itamar Jobani, Payem CEO.

PayEm is among several companies with similar offerings. According to Verified Market Research, the total spend management software market could reach $3.97bn over the next four years.

Startup Airbase, which early last year collaborated with Amex on a corporate card pilot, is valued at $600mn. Tipalti, which automates accounts payables for small- and medium-sized businesses, recently raised $270mn.

PayEm has also announced three major additions to its leadership team. Steve Sovik has joined as Chief Revenue Officer, Dorit Bruner, joins as CFO, and Gilad Bonjack joins as VP Product.