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

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.