Other participants to the round were Cervin Ventures, Serra Ventures, TiE and Capital for Founders.
US-based PayStand uses blockchain technology to simplify the accounts receivable and payable processes. The end-to-end digital process automates cash management from accounting software to reconciliation. This solution allows business to integrate digital payments with websites, invoices, ERP billing systems and mobile applications.
All payment data is tracked and recorded, receivables are digitalised, and processing tasks are automated, helping to create a clear audit trail.
This equity line will allow PayStand to scale its account receivable system, and launch a new free accounts payable product, which is now open in beta. PayStand AP is available in beta and provides a completely automated solution for accounts payables teams to help improve efficiency, security and control.
BlueRun Ventures general partner Jonathan Ebinger said, “Like the consumer and retail payment innovation that has preceded it, PayStand’s focus on building the future of back-office commercial payments, melds seamlessly into our investment themes of digital transformation.”
BlueRun’s portfolio also includes lending platform Kabbage, with it participating in its $135m Series E funding round last year.
Last year the payments sector was dominated by the Asian market, with it seeing around $10bn invested into companies. The next highest market for funding was North America, but it only saw $1.8bn invested.
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