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Blockchain-enabled commercial payments service Paystand announced in a press release that it has raised $20 million in Series B funding to accelerate the expansion of its products and services.
DNX Ventures, Battery Ventures, Epic Ventures, Commerce Ventures, and Wildcat Ventures participated in the round. They join the platform’s existing investors Leap Global Partners, and BlueRun Ventures.
“We've seen significant disruption in consumer payments from companies like Venmo, PayPal, and Square Cash,” said Mitch Kitamura, a managing director at DNX Ventures about their investment. “However, US B2B payments represent an even larger opportunity -- currently over half of the $25 trillion in B2B invoices are still paid in paper check -- yet no one stepped in to disrupt the market until Paystand. We are thrilled to be part of the team to help them realize the transformation in B2B finance.”
Paystand will be using the money to accelerate its product and services expansion. The company is also planning to grow its sales, marketing, success and engineering teams in Scotts Valley, California and Guadalajara, Mexico offices.
The Paystand platform offers faster and smoother transactions for enterprises that digitize their entire enterprise cash cycle. Its services are comparable to what Venmo offers for a basic consumer-to-consumer transaction.
According to the details, Paystand operates on a zero-fees subscription model. It automates the payments experience and integrates seamlessly with the company’s System of Record. Importantly, it provides real-time, fund-verified, blockchain assured payment network that allows instant money transfers between businesses.
Paystand claims that it helps businesses save over 50% on the cost of accepting payments and processing invoices. At the same time, it reduces days sales outstanding (DSO) by over 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.”
Paystand’s Series B funding comes at a time when fintech companies are keen to overturn the traditional payment system. Over 50% of the estimated $125 trillion in annual B2B payments are still using paper-based and pre-internet methods which are deemed inefficient and expensive.
Meanwhile, in December, Tokyo-based credit card firm JCB announced its partnership with Paystand. The goal of the partnership is to provide businesses in Japan a modern payment system.
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