Paystand Blockchain Payment Platform raises $20 M in Series B Round
Paystand in its Series B funding round successfully raised $20 million, VentureBeat and others reported Feb. 6. The organization will use that money to boost the development of its commercial payment platform based on blockchain. Let’s check to
Paystand Blockchain Payment Platform raises $20 M in Series B Round .
The current round includes DNX Ventures, Battery Ventures, Epic Ventures, Commerce Ventures and Wildcat Ventures Investments. There was also participation from existing investors Leap Global Partners, BlueRun Ventures and others.
The company will use the funds to expand its teams in Scotts Valley, California and Guadalajara, Mexico, and to finance the expansion of its product lines. Paystand offers its customers a blockchain-based platform which digitizes commercial payment settlements in many industries.
Jeremy Almond, CEO of Paystand, said to VentureBeat:
“It’s like Venmo for complicated transactions for commerce. We are rebooting the financial infrastructure because a lot of it was built pre-internet. It holds companies back. We’re coming in with a new business model, doing payments-as-a-service.”
For certain industries Paystand fully automates payment procedures. For example, it allows insurance companies to receive premium payments digitally, and to send claims settlements. The digitized cash loop also supports sectors such as manufacturing, shipping, and pharmaceuticals.
Paystand also makes use of smart contracts to negotiate terms between businesses. As Almond explained:
“We enable the infrastructure between companies to use what they call smart contracts. We pay you on these terms. How do you ensure that happens? Blockchain infrastructure is good for that kind of thing.”
This is made possible by a hybrid blockchain system, which is made up of a public safety and traceability component, connected to the scaling private infrastructure.
The company is on a fast growth track, having more than doubled its revenue year-over-year in the last 24 months. It has added over 80 large enterprise customers in the same time frame. JCB, Bugaboo, Covetrus, Parachute Home and Silicon Valley Bank are among its current clients.
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This article has only intended for information purposes. Neither the company nor the author shall liable, directly or indirectly, for any damage or loss caused or alleged to result from or in connection with the use or reliance on any content, goods or services referred to in this article.
Published at Sat, 08 Feb 2020 10:37:32 +0000
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