PayStand secures $6m Series A funding
Written by Chris Lemmon
B2B payments platform PayStand has announced a $6 million Series A funding round, led by BlueRun Ventures with participation from Cervin Ventures, Serra Ventures, TiE and Capital for Founders.
PayStand will use this new round of funding to scale its account receivable systems, and launch a new free accounts payable product line, which has opened in beta this week.
PayStand uses blockchain technology to remove friction from the accounts receivable and payable process, simplifying one of business’s most notorious headaches—sending and collecting money. An end-to-end digital process, PayStand’s network automates cash management, from accounting software to reconciliation.
Users embed payments into their apps, websites and invoices, funneling revenue into a digital network that supports traditional card & ACH processing as well as next-gen eCheck bank transfer and 0 per cent eCash stored-value technology. All payment data is securely tracked and recorded, receivables digitised and processing automated.
Jeremy Almond, CEO and founder of PayStand, commented: “With technology advanced enough to give us self-driving cars and rockets to Mars, there’s no reason finance should be stuck with paper checks and spreadsheets anymore.
“Yet most U.S. business payments still run on manual, pre-internet systems. PayStand takes the best of automation, customization and blockchain technology to finally bring B2B payments into the Digital Age. A financial revolution is coming, and we’re excited to have esteemed VCs in our camp that have led the Series A of iconic fintech companies like PayPal, Coupa and Kabbage.”