Paystand is on a mission to reboot commercial finance, starting with B2B payments and automating the entire cash lifecycle. The company leverages cloud technology and the Ethereum blockchain to power the Paystand Bank Network—a real-time, 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 fee-per-transaction costs.
Paystand recently announced a $50 million Series C round of financing. NewView Capital led the round with participation from existing investors including Cervin. Paystand will use this new capital to continue building an enduring company that changes the nature of B2B payments and helps businesses be more agile and competitive in the post-pandemic world.
Our journey with Paystand started in 2014 when we led their Seed round. Our investment thesis was built around the transition of B2B payments from archaic, paper-based systems and credit card networks to digital alternatives. We saw Paystand as paving the way for open and equitable commercial finance.
In just a few years, Paystand has become a category-defining company in the Decentralized Finance (DeFi) B2B payments space. Paystand has built the first real alternative to card networks and paper-heavy processes: a B2B payment network that delivers unrivaled speed, security, and cost. They are processing billions of dollars over their bank-to-bank payment network with over 250k businesses transacting on their platform.
The company has grown 10x in revenues in the past three years. Coupled with a 200% increase in monthly network payment volume and 2x increase in customers since its Series B, Paystand is enabling the transition to a digital-first economy.
We are fortunate to have been the lead investor in the Seed round followed with participation in all subsequent rounds. We look forward to what the future holds for Paystand and the company’s dedicated team under the leadership of co-founder and CEO, Jeremy Almond.