Teampay, the ultimate workflow software for every aspect managing your team’s money, today announced the close of their $4 million seed round. The round was led by Rick Smith at Crosscut Ventures, and also included KEC Ventures, Precursor Ventures, CoVenture, and a select group of angels and funds.

“As a both founder and manager, I found it incredibly difficult to stay on top of what my team was spending, and it’s only become worse as people want to use their own software & services to do their job,” said Andrew Hoag, CEO of Teampay. “Teampay is a new form of purchasing software that enables companies to request, approve, pay for, and track employee spend in real-time - creating an active versus reactive way of dealing with your company’s money.”

Using a combination of a web interface and a natural language-processing chatbot, Teampay ties each expenditure to a virtual card that can be approved through a single click, over Slack, on your phone, or via the web. Complex approval policies can be easily enforced, and Teampay ties a receipt to a transaction as soon as it happens, simply by dragging and dropping the receipt into a chat window. Furthermore, Teampay’s software intelligently analyzes your cards for any activity that seems out of the ordinary - higher spends, repeat spends or duplicate spends. Each virtual card can be set with specific parameters such as a total spend limit, single or recurring purchases, and spending over time (EG: weekly, monthly or yearly).

“Our company implements centralized control for distributed access for your company’s finances,” said Hoag. “It’s like a smart-lock for your corporate bank account. Other departments benefit from tools like Github (control over source code) or Okta (control over IT systems), yet strangely this hasn’t existed for a company’s money until we came along.”