This has increased the total funding raised by the firm so far to $65m.
Teampay plans to use the fresh infusion to accelerate the development of its enterprise portfolio by expanding its accounts payable product and international payments offering.
The firm also aims to make new investments in sales and marketing in addition to hiring new employees.
In the past 12 months, Teampay has tripled the size of its workforce.
Furthermore, the firm will extend its current alliance with Mastercard to speed up its go-to-market approach, as part of the latest round.
In June last year, Teampay, in collaboration with Mastercard, launched a digital corporate card, dubbed Catalyst by Teampay.
Teampay CEO and founder Andrew Hoag said: “Teampay is entering the second half of 2022 well-positioned for future growth, as companies of all sizes strive to manage spending more strategically in the current uncertain economic environment.
“Companies have turned to Teampay for our unmatched ability to increase productivity, improve employee experience and compliance, and digitalise outdated, broken accounting systems for six years.
“With this latest funding, we will continue to capture the market with our best-in-class solutions for company spend, while also growing our enterprise offering to match demand. We are continuing to expand our team at scale, to further advance our mission to help high-growth companies modernise their purchasing process.”