On 23rd July 2021, California-based Paystand announced that it raised USD 50 Million in a Series C funding round. It is a B2B fintech startup that has raised USD 82 Million in funding till now.
This funding round was led by NewView Capital, this round also saw the participation of King River Capital and SoftBank’s SB Opportunity Fund.
Paystand stated that it will utilize this funding to continuously grow in the market by investing in infrastructure. After this, fundraise Jazmin Medina, principal at NewView Capital, will join as the board member of Paystand.
“There is a wide blue ocean of the payment industry, and all of these companies have to be entirely digital to stay competitive.There is a glaring hole if your revenue is holding you back because you are not digital. That is why the time is now.” – Medina said.
About Paystand –
Paystand was founded by Jeremy Almond and Scott Campbell, in May,2013. The startup focuses on creating a more open financial system, starting with B2B payments. It uses blockchain and cloud technology. Its software makes it easier to digitize receivables, reduce time-to-cash, and enable new revenue, and automate processing.It enables B2B payments with zero fees.
During the economic downfall of 2008, Jeremy Almond’s family lost their home, so he decided to go back to his graduation and did a thesis on how commercial banking could improve and how digital transformation would be the answer. Paystand provides services for commercial transactions between enterprise customers and the mid-market.
“Revenue is the lifeblood of a business, and money has become software, yet everything is in the cloud except for revenue,” Almond said.“I’ve wanted something like this to exist for 20 years.Sometimes it is the unsexy areas that can have the biggest impacts.”
The customers who are using Paystand for over a three-year period are able to get an average benefit of nearly 50% saving on the cost of receivables and USD 850000 savings on transactional fees.
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