Blockchain Payments Leader Accelerates Expansion of Zero-Fee, Payments-as-a-Service Platform for the B2B Enterprise Cash Cycle.
Paystand, the fastest growing blockchain-enabled commercial payments platform, announced it has secured $20 million in Series B funding. The round includes new investment from DNX Ventures, Battery Ventures, Epic Ventures, Commerce Ventures, and Wildcat Ventures. Existing investors Leap Global Partners, BlueRun Ventures, and others participated.
The company plans to use the capital to accelerate the expansion of its products and services, as well as expanding sales, marketing, success, and engineering teams in its Scotts Valley, California and Guadalajara, Mexico offices.
The Paystand platform makes complicated commercial transactions and payments as easy and fast for enterprises as Venmo has done for basic consumer-to-consumer transactions. It is the industry’s only solution for corporations and their finance teams that digitizes the entire enterprise cash cycle and:
- Operates on a zero-fee, subscription model that moves customers away from today’s costly, fee-based transactions.
- Automates the payment experience from invoice to reconciliation and integrates seamlessly with a company’s System of Record.
- Provides a real-time, fund-verified, blockchain assured payment network that can move money between businesses instantly.
- Saves businesses over 50% on the cost of accepting payments and processing invoices, while reducing DSO (days sales outstanding) by more than 60%.
“We’re thrilled to bring together such an iconic group of investors who share our ambition for a more open financial system,” said Jeremy Almond, CEO of Paystand. “We made a promise to reboot commercial finance because it’s insecure, inefficient and built on trustless networks and technology. Today marks another step towards realizing that vision and transforming enterprise finance. We are committed to taking the industry and our customers on a ‘journey to zero,’ without fees, paper, or limits on growth.”