Blockchain-powered payments platform Paystand has scored $20m in its Series B round which will help it expand its team.
Contributions to the round came from DNX Ventures, Battery Ventures, Epic Ventures, Commerce Ventures and Wildcat Ventures. Previous backers including Leap Global Partners, BlueRun Ventures and others, also contributed to the round.
Having secured the funds, the company is looking to accelerate the expansion of its products and services. It also hopes to expand its sales, marketing, success and engineering teams in its California and Mexico offices.
Paystand is a commercial transaction and payments solution which helps businesses to digitise and automate their cash cycle. Its platform is used to improve capital efficiency, streamline back-office operations and enable payments.
The technology is used by a range of industries including insurance, manufacturing, transportation and pharmaceuticals. Insurance companies use the technology to digitally receive premium payments and send claims money.
The company has experienced a 2.5 times year-over-year increase in revenue and boosting its subscriptions by 240%.
Paystand CEO Jeremy Almond said, “We’re thrilled to bring together such an iconic group of investors who share our ambition for a more open financial system.
“We made a promise to reboot commercial finance because it’s insecure, inefficient and built on trustless networks and technology. Today marks another step towards realizing that vision and transforming enterprise finance. We are committed to taking the industry and our customers on a ‘journey to zero,’ without fees, paper, or limits on growth.”
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