Paystand buys Yaydoo to expand B2B payments network across Americas
B2B payments platform Paystand has acquired Mexican fintech Yaydoo for an undisclosed sum in what it calls “one of the biggest technology unions” in the Latin American (LatAm) region.
Paystand is a decentralised finance (DeFi) company that leverages blockchain and the cloud to power the Paystand Bank Network—a digital B2B payments network with zero fees.
The firm says the acquisition of Yaydoo, an accounts payable and cashflow management fintech, will help make “commercial blockchain-based solutions more accessible across the Americas”.
Having each built out accounts receivable/accounts payable B2B DeFi payment networks across both the US and Mexico, the acquisition of Yaydoo means Paystand can now connect the two platforms through a single, open, instant and secure global payments network.
Thanks to the deal, the company has set its sights on expanding its network across the continents from Canada to Colombia.
Paystand CEO Jeremy Almond says: “DeFi-enabled B2B payment networks that are on-chain can unlock transformative working capital efficiencies and make financial services more fair and open, especially in developing markets like LatAm.”
These technologies, Almond adds, “can shift the balance of power from traditional financial institutions and governments to buyers, and sellers, benefitting business and society”.
Yaydoo CEO Sergio Almaguer, who will continue leading the Latin American expansion of the combined company, says the new merger will digitalise trade between the US and Mexico, “unlocking a set of opportunities for automating supply chain finance through the imports and exports of one of the most active trade corridors globally”.