Paystand raises $20m in Series B funding
Paystand, a blockchain-enabled commercial payments platform, has secured $20 million in Series B funding.
The round includes new investment from DNX Ventures, Battery Ventures, Epic Ventures, Commerce Ventures, and Wildcat Ventures. Existing investors Leap Global Partners, BlueRun Ventures, and others participated.
“We’ve seen significant disruption in consumer payments from companies like Venmo, PayPal, and Square Cash,” says Mitch Kitamura, a managing director at DNX Ventures.
“We’re thrilled to bring together such an iconic group of investors who share our ambition for a more open financial system,” says Jeremy Almond, CEO of Paystand.
The company plans to use the capital to accelerate the expansion of its products and services, as well as expanding sales, marketing, success, and engineering teams in its Scotts Valley, California and Guadalajara, Mexico offices.
Paystand’s technology digitises the cash cycle for companies in a variety of industries, ranging from insurance to manufacturing to transportation to pharmaceuticals.
The Paystand platform aims to make complicated commercial transactions and payments as easy and fast for enterprises as Venmo has done for basic consumer-to-consumer transactions.
In the last 24 months, the company added 80 new large enterprise customers and posted a 2.5x YoY increase in revenue, as well as average monthly subscription growth of over 240%. Its payment ecosystem has surged 60% over the past 12 months, with over 160,000 businesses transacting across the Paystand platform.