Major Funding Boost
In an impressive display of confidence from investors, Paystand has netted a hefty $20 million in its Series B funding round, with highlights reported on February 6 by VentureBeat and other media outlets. This financial influx will serve as rocket fuel for the company as it gears up to enhance its blockchain-based commercial payment platform.
Who’s Investing?
The current funding round saw participation from heavyweight investors such as DNX Ventures, Battery Ventures, Epic Ventures, Commerce Ventures, and Wildcat Ventures. Paystand also received backing from previous investors like Leap Global Partners, BlueRun Ventures, among others, reaffirming their faith in Paystand’s mission.
Expanding Horizons
Paystand plans to utilize these funds to bolster its teams in Scotts Valley, California, and Guadalajara, Mexico. Not only will they expand their workforce, but they will also enhance their product lines. With ambitions comparable to giving Venmo a complicated commercial twist, Paystand aims to reinvent the archaic financial infrastructure that many companies are still shackled by.
The Smart Payment Solution
CEO Jeremy Almond describes the platform succinctly:
“It’s like Venmo for complicated transactions…”
By digitizing the settlement process, Paystand enables industries such as insurance, manufacturing, transportation, and pharmaceuticals to experience a revolution in their cash cycles. Imagine insurance companies getting premium payments and claim settlements without the administrative headaches!
How It Works
At the heart of Paystand’s innovation lies the use of smart contracts, serving as a backbone for agreement negotiations. Almond elucidates:
“We enable the infrastructure between companies to use what they call smart contracts…”
This hybrid blockchain system consists of a public component that guarantees security and traceability, while a private infrastructure performs the heavy lifting needed for scaling.
Impressive Growth Trajectory
In the last 24 months, Paystand has gained significant traction, doubling its year-over-year revenue and acquiring over 80 large enterprise customers, including notable names like JCB, Bugaboo, Covetrus, Parachute Home, and Silicon Valley Bank. With a burgeoning client list and rapidly increasing revenue, the future looks bright for Paystand!
