Paystand, a blockchain-enabled payment network for businesses, has closed its Series C round on $50m, coming off the back of its triple-digit growth.
The investment was led by NewView Capital, with commitments also coming from SoftBank’s Opportunity Fund, King River Capital, Industrious Ventures, and Transform Capital.
With the equity, the FinTech company plans to enhance its B2B payments solution and support the market move towards a business-centric payment infrastructure. In line with the investment, NewView Capital principal Jazmin Medina will join the Paystand board.
Paystand uses cloud technology and the Ethereum blockchain to power its Paystand Bank Network, a digital, highly secure B2B payment network with zero fees. The network is a payments-as-a-service subscription model, which enables businesses to scale without increasing their costs – traditional payment networks charge percentage fees on each transaction.
The FinTech company claims its solution is the first rea alternative to card networks. The company claims its solution boasts 62% reduction in days sales outstanding, 50% savings on the cost of receivables and between 30%–75% savings on transaction fees.
This Series C round comes after strong growth for Paystand, which has culminated in 1007% revenue growth over the past three years and 200% increase in monthly network payment volume.
Paystand co-founder and CEO Jeremy Almond said, “DeFi and blockchain represent the largest shift in our economy in over a generation. B2B payments can now happen instantly and securely as money has become software; yet, most finance teams are still mired in paper, manual processes, and fees.
“With this new funding, Paystand is uniquely positioned to bring the benefits of blockchain to commercial payments so businesses can be more agile and competitive in the post-pandemic landscape. Our vision is to create an open financial infrastructure that delivers a self-driving money experience for businesses and provides radically better economics for the industry overall.”
This funding round nearly doubles the total equity raised by Paystand in its previous rounds. The company previously raised $20m in 2020 from DNX Ventures, Battery Ventures, Epic Ventures, Commerce Ventures and Wildcat Ventures.
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