California-based Paystand has raised $20 million in
its latest series B funding round that will help the cloud-based PaaS payment
network to expand its products and services.
The secured funds will also help the firm to expand
sales, marketing, success, and engineering teams at its California and Mexico
offices.
Paystand simplifies complex commercial transactions
and payments for enterprises, with the company claiming it wants to do for
enterprise transactions what Venmo has done for consumer-to-consumer deals. The
platform is purportedly the industry’s only solution for organisations and
their finance teams that digitises the entire enterprise cash cycle and
functions on a free subscription model.
The Paystand platform automates the payment experience
from invoice to reconciliation and integrates seamlessly with a company’s
System of Record. Moreover, it offers a real-time, fund-verified, blockchain
assured payment network, which instantly moves money between two businesses and
saves more than half on the costs of accepting payments and processing
invoices, while reducing DSO (days sales outstanding) by more than 60%.
Earlier this month, as this publication reported, Clear Blockchain Technologies secured $13m in series A funding round to further its mission to ‘transform B2B enterprise clearing and settlement’ through blockchain. Clear’s blockchain-based platform helps enterprises automate contracts and data management, guaranteeing control, security, and privacy in networks with multiple partners. This shared ecosystem allows automatic payments and clearing, reducing transaction fees, long payment cycles and managing fraud prevention.
Last month, Thai fintech firm Lightnet raised $31.2m in series A funding, which will be used to strengthen the company’s investment in the underlying blockchain technology on the Stellar Network, and to build a next-generation financial mobility network.
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Credit: Blockchain News
