PayStand, the B2B payment platform for the future of business has raised a $6M Series A round led by BlueRun Ventures with participation from Cervin Ventures, Serra Ventures, TiE and Capital for Founders.
“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,” said Jeremy Almond, CEO and Founder, PayStand. “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.”
PayStand will use this new round of funding to scale its account receivable systems, and launch a new free accounts payable product line, opening up in beta today.
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 seamless digital network that supports traditional card & ACH processing as well as next-gen eCheck bank transfer and 0 percent eCash stored-value technology. All payment data is securely tracked and recorded, receivables digitized and processing automated. As traditional obstacles disappear, time-to-cash and transaction costs fall while revenue grows. The innate security of blockchain technology ensures that all records can have an audit trail, a crucial functionality in wake of massive financial data breaches such as Equifax.
“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,” said Jonathan Ebinger, General Partner at BlueRun Ventures. “The company is doing what we see common in every great fintech company: removing unnecessary friction and cost from the key financial processes that are vital to our economy. We see big things ahead for PayStand.”
Now available in beta, the new Paystand AP solution will enable businesses to completely automate their accounts payables to improve efficiency, security and control. Digital AP will speed up the accounting department’s time by eliminating the laborious need to cut paper checks. It will also give finance added control and visibility of the vendor payments through full data tracking within the entire cash cycle.
The automation will reduce the chance for human error and improve critical security with payments that are specific to the vendor and even the exact invoice amount, reducing possibilities of theft and fraud. This early-access AP release will be free to all beta signups.