Paystand Making Big Moves
Paystand, a Serra II and II Follow-On-Fund portfolio company, recently acquired TeamPay, a spend management software company. See below for an excerpt from an article published last week by the Fintech Industry Examiner to understand what this means for Paystand going forward.
The business-to-business (B2B) payments sector is poised for a significant transformation. On April 25, 2024, Paystand, a leader in blockchain-based B2B payment solutions, announced its strategic acquisition of Teampay, a well-regarded innovator in spend management software. This move marks a pivotal moment in the evolution of financial transactions between businesses, promising to redefine the efficiency and security with which these transactions are conducted.
Paystand: A Vanguard in Blockchain B2B Payments
Founded in 2013 in Scotts Valley, California, Paystand has emerged as a frontrunner in the digital transformation of B2B payments. The company has carved out a niche for itself by leveraging blockchain technology to provide secure, fast, and cost-effective payment solutions. Paystand’s mission has been to streamline the accounts receivable (AR) processes, reduce Days Sales Outstanding (DSO), and eliminate the hefty transaction fees typically associated with traditional payment methods like checks and wire transfers. This commitment to innovation has not only garnered Paystand a substantial business network but also positioned it as a disruptor poised to challenge the status quo of corporate finance.
Teampay: Simplifying Corporate Expenditures
On the other hand, Teampay, established in 2016 in New York City, has specialized in automating and controlling corporate spending. The company’s platform integrates seamlessly into businesses’ financial workflows, providing tools such as virtual cards, automated expense approvals, and real-time budget tracking. These features address a critical need for companies to maintain stringent controls over their expenditures while empowering employees to manage funds responsibly and efficiently. Teampay’s solutions have resonated well within the industry, earning the company acclaim for its user-friendly interface and robust functionality.
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Paystand continues to impress, with more big news in the month of April with the company being named the winner of Fintech Breakthrough Award for DeFi Innovation.