Blockchain-enabled commercial payments outfit Paystand has raised $20 million in a Series B funding round.
New investors DNX Ventures, Battery Ventures, Epic Ventures, Commerce Ventures, and Wildcat Ventures were joined by existing backers Leap Global Partners and BlueRun Ventures in the round.
Paystand claims that its Payments-as-a-Service model and blockchain-based technology makes complicated commercial transactions and payments as easy and fast for enterprises as Venmo has done for consumers.
It offers a real-time, fund-verified, blockchain-assured payment network that can move money between businesses instantly, and promises to save users 50% on the cost of accepting payments and processing invoices, while reducing days sales outstanding by more than 60%.
The firm has added 80 new large enterprise customers in the last two years and posted a 2.5x year-on-year increase in revenue, as well as average monthly subscription growth of over 240%.
The new funding will be used to build out new products and services as well as adding sales, marketing and engineering positions at its sites in California and Mexico.
Jeremy Almond, CEO, Paystand, says: “We made a promise to reboot commercial finance because it’s insecure, inefficient and built on trustless networks and technology. Today marks another step towards realizing that vision and transforming enterprise finance.
"We are committed to taking the industry and our customers on a ‘journey to zero,’ without fees, paper, or limits on growth.”