Paystand raises $50M in Series C from NewView Capital

SaaS News -Paystand-banks-$50M-to-make-B2B-payments-cashless-and-with-no-fees (source: SaaS Industry)

At a Glance

Paystand has raised $50M in Series C funding to redefine B2B payments. The company leverages cloud and blockchain technology to provide payments-as-a-service and looks to accelerate its shift towards business-centric payments infrastructure using the proceeds from the funding

Paystand, a cloud-based billing and payment platform for B2B companies, has raised $50 million in Series C funding led by NewView Capital with participation from SoftBank’s Opportunity Fund, King River Capital, Industrious Ventures, and Transform Capital, reports state.

The Series B funding for Paystand came in February last year, where it netted $20 million. With the close of Series C, the total funding raised by the company to date has crossed $78 million, as per Crunchbase. Paystand, founded in 2013, automates cash lifecycle for businesses and leverages cloud and Ethereum blockchain to provide payments-as-a-service. 

Paystand’s software assists organizations to digitize receivables, automate processing, eliminate transaction fees, and enable new revenue. The company would use the proceeds from this funding to redefine B2B payments, accelerate the shift to a business-centric payment infrastructure. Jeremy Almond, co-founder and CEO of Paystand, stated that decentralized Finance and blockchain were the driving force of a new shift in the economy and that B2B payments could happen instantly with money becoming software. However, most finance teams still rely on manual processes, Mr. Almond opined.

With this new funding, Paystand is uniquely positioned to bring the benefits of blockchain to commercial payments so businesses can be more agile and competitive in the post-pandemic landscape. Our vision is to create an open financial infrastructure that delivers a self-driving money experience for businesses and provides radically better economics for the industry overall

Jeremy Almond, co-founder and CEO of Paystand

Jazmin Medin, principal at NewView Capital, who would join the Paystand Board with this round, drew parallels between electric vehicles reimagining the automobile industry’s dependence on fossil fuels and Paystand’s new system for B2B payments. Expressing delight at the funding, she added,

Paystand has been quietly rebooting commercial payments since 2013. We are thrilled to be part of Paystand’s journey and to support the company’s mission to build the next category of open financial infrastructure for business.

Jazmin Medin, principal at NewView Capital
Read more stories