The blockchain is attracting interest from many different industries. In the commercial payments space, it appears that Paystand is one of the firms to keep an eye on.
Paystand Raises the bar
Various companies want to merge traditional payments with innovative technologies. That is often much easier said than done, as it takes a very different mindset. Paystand, a blockchain-enabled outfit, currently targets the commercial payments segment. Companies can benefit significantly from innovative solutions.
The company looks at this industry from a different perspective. By providing commercial payments-as-a-service, the business model is very different from competitors. By utilizing blockchain technology, commercial transactions become more straightforward and convenient for corporate clients.
In a perfect world, Paystand wants to become the Venmo of corporate payments. That may be a bit of an ambitious goal. With its real-time and fund-verified payment network, moving money becomes instant. More importantly, transactions incur 50% fewer costs due to the use of blockchain technology.
Series B Funding for Commercial Payments
It appears that what Paystand is doing is getting some attention. The company successfully raised $20 million in Series B funding this week. Existing backers welcome new faces such as Battery Ventures and Wildcat Ventures, among others.
Paystand CEO Jeremy Almond adds:
“We made a promise to reboot commercial finance because it’s insecure, inefficient and built on trustless networks and technology. Today marks another step towards realizing that vision and transforming enterprise finance. We are committed to taking the industry and our customers on a ‘journey to zero,’ without fees, paper, or limits on growth.”
With this extra funding, the firm can keep building new products and services. Moreover, they want to become a bigger household name in the commercial payments space. Hiring key talents for positions in California and Mexico is part of that objective. Over the past 2 years, Paystand welcomed over 75 new large enterprise customers. This has increased the firm’s increase by 2.5x year-on-year.