Blockchain commercial payment company Paystand secures $ 20 million in Series B funding

According to reports, the blockchain commercial payment company Paystand has raised $ 20 million in Series B financing.

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Image credit: Pixabay

New investors include DNX Ventures, Battery Ventures, Epic Ventures, Commerce Ventures, and Wildcat Ventures, while existing backers are Leap Global Partners and BlueRun Ventures.

Paystand claims that its pay-as-a-service model and blockchain-based technology make complex business transactions and payments as easy and fast for businesses as Venmo does for consumers. Note: Venmo is a software for making small payments, allowing users to more easily handle money issues between friends (such as account sharing, travel expenses, etc.).

Paystand provides a verified, real-time, real-time payment network that is guaranteed by the blockchain. It can immediately transfer funds between businesses and promises to save users 50% of the cost of accepting payments and processing invoices. Reduce payment days by more than 60%.

The company has added 80 new large enterprise customers over the past two years, revenue has increased 2.5 times year-on-year, and average monthly subscriptions have grown by more than 240%.

The new funding will be used to develop new products and services and increase sales, marketing and engineering positions at its plants in California and Mexico.

Paystand CEO Jeremy Almond said:

"We are committed to restarting commercial finance because existing commercial finance is insecure, inefficient, and based on untrusted networks and technologies. Today marks another step towards realizing this vision and transforming corporate finance.

"We are committed to taking the entire industry and our customers on a" zero journey "without charging any fees, consuming paper or growth restrictions."