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Paystand raises USD 50 mln to make B2B payments cashless and with no fees

Friday 23 July 2021 15:06 CET | News

US-based automated B2B payments company Paystand has announced receiving USD 50 mln to use cloud technology and the Ethereum blockchain as the engine for its Paystand Bank Network.

The Paystand Bank Network enables business-to-business payments with zero fees. The company raised USD 50 million Series C funding led by NewView Capital, with participation from SoftBank’s SB Opportunity Fund and King River Capital. This brings the company’s total funding to USD 85 million, accoring to TechCrunch.

Customers using Paystand over a three-year period are able to yield average benefits like 50% savings on the cost of receivables and USD 850,000 savings on transaction fees. The company is seeing a 200% increase in monthly network payment value and customers grew two-fold in the past year. 

The company said it will use the new funding to continue to grow the business by investing in open infrastructure. Specifically, Almond would like to reboot digital finance, starting with B2B payments, and reimagine the entire CFO stack.

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Keywords: funding, B2B payments, payment processing, payment processor, online payments
Categories: Payments & Commerce | Online Payments
Countries: United States
This article is part of category

Payments & Commerce