Blockchain Payments Firm PayStand Raises $6 Million in Series A Fundingbr>
Blockchain payments-as-a-service platform PayStand has raised $6 million during its Series A funding round, led by BlueRun Ventures. Other investors include Cervin Ventures, Serra Ventures, TiE, and Capital for Founders.
PayStand will use the funding to scale its account receivable systems and launch new free accounts payable product line, which is now open in beta.
Based in California, PayStand is a B2B enterprise payments processor that digitizes their customers accounts receivable processes using blockchain technology. The platform offer technology that integrates with commercial customers sites, enabling the payer to remit payment in any digital form. PayStand’s SaaS (software as a service) business model enables the company to offer its clients a blended wholesale rate for their credit card transactions that they do not profit from.
PayStand CEO and Founder Jeremy Almond stated that with the recent advancements in technology, there’s no reason finance should be stuck with paper checks and spreadsheets anymore. Yet most US business payments still run on manual, pre-internet systems.
“PayStand takes the best of automation, customization and blockchain technology to finally bring B2B payments into the Digital Age,” said Almond. “A financial revolution is coming, and we’re excited to have esteemed VCs in our camp that have led the Series A of iconic FinTech companies like PayPal, Coupa and Kabbage.”
Jonathan Ebinger, General Partner at BlueRun Ventures said that PayStand’s focus on building the future of back-office commercial payments, melds seamlessly into their investment themes of digital transformation.
“The company is doing what we see common in every great FinTech company: removing unnecessary friction and cost from the key financial processes that are vital to our economy,” said Ebinger.