Paystand, the global leader in blockchain-enabled B2B payments, has acquired Teampay, an industry-leading spend management software.
The acquisition of Teampay marks a significant step towards building an industry-wide decentralised finance (DeFi) network, aimed at connecting buyers and suppliers at scale.
This strategic move aligns with Paystand’s goal to revolutionise B2B payments by expanding the largest, fastest, and most cost-efficient B2B payments network.
The move comes amidst a period of stagnation in the FinTech sector, highlighting Paystand’s strategic move towards growth and innovation.
Paystand’s network of over 800,000 companies with $10bn in transactions will be expanded by Teampay’s network of 250,000 companies, broadening the largest B2B payment network running on a commercial blockchain to over 1 million business participants.
The transaction was facilitated, in part, with financing provided by Stifel Venture Banking. Josh Dorsey, Managing Director at Stifel, emphasised the expansive growth opportunities within the B2B fintech sector, “The integration of Teampay into the Paystand ecosystem presents a compelling narrative for businesses aiming to adopt digital-first financial tools that enhance capital efficiency. This acquisition represents a pivotal moment not only for Paystand and Teampay but also for the entire B2B payments industry. We are thrilled to support and be part of this transformative journey.”
Jeremy Almond, Paystand CEO, commented, “In a quiet FinTech climate, this acquisition arrives with a bang. This brings zero-fee blockchain payment technology further into the heart of the traditional finance technology stack. Paystand can leverage its blockchain infrastructure to enhance Teampay’s impressive expense and AP management capabilities. The results will be game-changing – a truly next-gen, smart B2B payment network at scale that transforms the office of the CFO and brings radically better economics to businesses.”
“To realise our vision of a truly decentralised financial system, it is key that we not only are able to facilitate receiving payments but impact the payable side of those transactions as well,” said Almond. “In time, we are helping our users, and the industry as a whole, to lessen reliance on antiquated money movement methods,” Almond continued.
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