PayStand, a leading B2B PaaS platform, today announced it has raised $6 million in Series A funding.
The new investment will bolster PayStand’s mission to use the modern Internet, Blockchain, and SaaS technologies to transform B2B payments.
The startup will use this new round of funding to launch a new free account payable product line, which will launch in free beta mode today, and scale its account receivable systems.
PayStand AP improve businesses efficiency, security, and control by speeding up the accounting department’s time by eliminating the need to cut paper checks.
Also, it will give finance departments added control and visibility of the vendor payments through full data tracking within the entire cash cycle reducing the likelihood of human error and reducing possibilities of theft and fraud.
“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 in a press release.
“The company is removing unnecessary friction and cost from the key financial processes that are vital to our economy. We see big things ahead for PayStand.”
Most businesses in the US are still using manual systems for payments. By utilizing the power of automation and blockchain technology, PayStand has finally brought B2B payments into the Digital Age.
PayStand’s B2B PaaS platform is hailed as the B2B payment platform for the future. It is revolutionary, in that, it creates a smart payment and billing network that can automate processing, digitize receivables, lower transaction costs, and enable new revenue.
PayStand uses blockchain technology to solve one of the business sector's most notorious headaches – remove friction from the accounts receivable and payable process.
The four-year-old startup’s network is an end-to-end digital process that automates cash management, from accounting software to reconciliation.
It facilitates the funneling of revenue where users embed payments into their apps, websites, and invoices 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.
The secure framework of blockchain technology ensures that all records can have an audit trail. All payment data is recorded, securely tracked and digitized, which is a crucial functionality in wake of recent massive financial data breaches.
PayStand is renowned as one of the top innovators in the fintech services sector. Enterprise companies in the manufacturing and distribution industries, to software platforms and service providers use PayStand’s flexible B2B PaaS platform to integrate digital payments into their ERP billing systems, mobile applications, websites, and invoices.