Paystand raises $50 mn in Series C led by NewView Capital

By Pavithra R

Paystand, rebooting commercial finance and building the open infrastructure for B2B Payments has announced raising $50 mn in Series C round of funding led by NewView Capital with participation from SoftBank’s Opportunity Fund, King River Capital, Industrious Ventures, and Transform Capital.

The round nearly doubles the funding Paystand raised in prior rounds and reflects the firm’s triple-digit growth as it leads the movement for an open commercial finance system. The FinTech company is planning to use the new capital to invest in redefining B2B payments to accelerate the shift to a more business-centric payment infrastructure. The fimr has also announced the joining of Jazmin Medina of NewView Capital to its board.

“DeFi and blockchain represent the largest shift in our economy in over a generation. B2B payments can now happen instantly and securely as money has become software; yet, most finance teams are still mired in paper, manual processes, and fees. With this new funding, Paystand is uniquely positioned to bring the benefits of blockchain to commercial payments so businesses can be more agile and competitive in the post-pandemic landscape. Our vision is to create an open financial infrastructure that delivers a self-driving money experience for businesses and provides radically better economics for the industry overall,” said Paystand co-founder and CEO Jeremy Almond.

Paystand breaks the traditional payment model by automating the entire cash lifecycle. The firm leverages cloud technology and the Ethereum blockchain to power the Paystand Bank Network, a digital, highly secure B2B payment network with zero fees. The firm delivers a Payments-as-a-Service subscription model so businesses can scale without incurring significant fee-per-transaction costs that penalize growth.

“Paystand has been quietly rebooting commercial payments since 2013. In the same way that the EV industry re-thought the automobile to permanently move society away from fossil fuels, Paystand is creating an entirely new system for B2B payments – not simply laying a digital facade over broken plumbing. We are thrilled to be part of Paystand’s journey and to support the company’s mission to build the next category of open financial infrastructure for business,” said Jazmin Medina of NewView Capital.