Paystand, the blockchain-enabled payment network provider for business, completed a $50 million series C round of funding led by NewView Capital.
SoftBank’s Opportunity Fund, King River Capital, Industrious Ventures, and Transform Capital also participated in the round, which nearly doubles the funding Paystand raised in prior rounds and reflects the company’s triple-digit growth as it leads the movement for an open commercial finance system.
Paystand will use this new capital to invest in redefining B2B payments to accelerate the shift to a more business-centric payment infrastructure. With the funding, Jazmin Medina of NewView Capital will join the board.
Paystand automates the entire cash lifecycle so businesses can unlock cashless, feeless, intuitive payments. The company leverages cloud technology and the Ethereum blockchain to power the Paystand Bank Network—a digital, highly secure B2B payment network with zero fees.
Rather than charging a traditional percentage fee on each transaction, Paystand delivers a payments-as-a-service subscription model so businesses can scale without incurring significant fee-per-transaction costs that penalise growth.
To date, more than 250,000 companies make payments through the Paystand blockchain-based network, resulting in over $2 billion in payment volume.
The company has achieved 1,007% revenue growth in the past three years, as well as a 200% increase in monthly network payment volume and 2.5x increase in customers since its series B.
Paystand co-founder and chief executive officer Jeremy Almond commentS: “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.”
Jazmin Medina of NewView Capital adds: “Paystand has been quietly rebooting commercial payments since 2013. In the same way that the EV industry re-thought the automobile to permanently move society away from fossil fuels, Paystand is creating an entirely new system for B2B payments—not simply laying a digital facade over broken plumbing.”
“We are thrilled to be part of Paystand’s journey and to support the company’s mission to build the next category of open financial infrastructure for business.”