Paystand raises $20m in series B funding in aim to become ‘Venmo for enterprise transactions’

James is editor in chief of TechForge Media, with a passion for how technologies influence business and several Mobile World Congress events under his belt. James has interviewed a variety of leading figures in his career, from former Mafia boss Michael Franzese, to Steve Wozniak, and Jean Michel Jarre. James can be found tweeting at @James_T_Bourne.

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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