The round included several new investors including DNX Ventures, Battery Ventures, Epic Ventures, Commerce Ventures and Wildcat Ventures.
Paystand’s existing backers Leap Global Partners and BlueRun Ventures among others also joined the round.
The new proceeds will be used by the company to expand its product and service portfolio. Paystand also intends to spend a portion of funding to strengthen its engineering team across various offices.
The company has designed its platform to streamline complicated commercial transactions for enterprises.
Its payments-as-a-service model and blockchain-based technology enables businesses in digitising and automating the entire cash cycle.
Currently, it counts JCB, Silicon Valley Bank, Bugaboo, Parachute Home and Covetrus among its customers.
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