Paystand collects $ 20M to facilitate B2B payments

During a round of funding series B, Paystand, a startup blockchain based in San Francisco and specialized in B2B payments, raised $ 20 million.

Several venture capital companies, including DNX Ventures – belonging to the famous investor Tim Draper -, participated in the second fundraising Californian Paystand.

Founded in 2013 in the bay of San Francisco and now also located in Mexico, Paystand will use the funding to strengthen its team of engineers and marketers to accelerate the development and marketing of its products.

Our platform makes business transactions and complex payments as simple and fast for businesses as Venmo has done for consumer-to-consumer transactions, "the company said in a statement.

Its solution based on blockchain allows " digitize the entire cash cycle " enterprises. They could save up to 50% on costs related to payments and issuing invoices.

We are pleased to bring together such an iconic group of investors who share our vision, "said Jeremy Almond, CEO of Paystand.

In the past 24 months, Paystand attracted 80 new customers such as the Japanese credit card issuer JCB or the American foam manufacturer Allied Aerofoam.

We have seen significant disruption in B2C payments with Venmo, PayPal or Square. However, the B2B payments in the United States represents an even greater opportunity, but no one has intervened to disrupt the market. We are delighted to be part of the team to help them achieve the transformation of the B2B finance, ”Said Mitch Kitamura, partner at DNX Ventures.

Note that this month, Clear, another young blockchain push specializing in B2B payments, meanwhile, raised $ 13 million to automate the business-to-business.