Paystand Raises $50M in Series C Funding
Paystand, a Scotts Valley, Calif.-based blockchain-enabled payment network for business, raised $50m in Series C funding.
The round was led by NewView Capital with participation from SoftBank’s Opportunity Fund, King River Capital, Industrious Ventures, and Transform Capital. With the funding, Jazmin Medina of NewView Capital will join the board.
The company intends to use the funds to expand operations and development efforts.
Led by co-founder and CEO Jeremy Almond, Paystand has built an open commercial finance system, starting with B2B payments. Using blockchain and cloud technology, the company has launched Payments-as-a-Service to automate the entire enterprise cash cycle. Paystand makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue.
Today, over 250,000 businesses make payments over the Paystand Bank Network.