Blockchain Payments Firm PayStand Raises $20M USD In Series B Fundingbr>
Blockchain-enabled commercial payments platform PayStand has secured $20 million in Series B funding. The round includes investment from DNX Ventures, Battery Ventures, Epic Ventures, Commerce Ventures and Wildcat Ventures, along with existing investors Leap Global Partners and BlueRun Ventures.
PayStand calls itself a next-generation B2B payment solution that empowers enterprises to digitally transact anywhere and keep more of their revenues. Its Payments-as-a-Service platform leverages the latest advancements in Internet, mobile and blockchain technology to dramatically lower costs, speed up time to cash, and automate billing and payment processes. The PayStand platform is being used by companies to drive greater capital efficiency, streamline back-office operations, and enable best-in-class payment experiences.
The latest funding will be used 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.
“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.”
Neeraj Agrawal, a general partner at Battery Ventures, said that for too long, the B2B payments model has been inefficient and paper-based, which is a problem as most companies today become more digitized and software-driven.
“Paystand’s technology helps companies in a variety of industries run more efficiently and cost-effectively automate customer payments, and we are excited to partner with management as they continue to scale,” said Agrawal.