A digital B2B payment platform, PayStand has successfully raised $20 million in its Series B funding round. Fresh investment from firms such as Battery Ventures, DNX Ventures, Commerce Ventures, Epic Ventures, and Wildcat Ventures was included in the financing round. Existing investors who participated were BlueRun Ventures, Leap Global Partners . DNX Ventures’ Managing Director stated they had seen an important disruption in consumer payments from several firms such as PayPal, Venmo, and Venmo.
The Managing Director added
“However, U.S. B2B payments represent an even larger opportunity — currently over half of the $25 trillion in B2B invoices are still paid in paper check — yet no one stepped in to disrupt the market until PayStand. We are thrilled to be part of the team to help them realize the transformation in B2B finance.”
Earlier, PayStand collaborated with JCB to provide a Business-To-Business payment solution for the market in Japan.
PayStand Plans To Expand Its Business
PayStand CEO cited they were inspired to gather some iconic group of investors who shared their passion for a system that is more financially open. The firm planned to utilize the funds to expand its services products further, as well as growing success, sales, engineering and marketing teams in its Scotts Valley, Guadalajara, and California Mexico offices. The technology of PayStand digitized the cash cycle for firms in several types of industries, such as manufacturing, insurance, pharmaceuticals, and transportation.
The Firms Has Seen A 240% Average Growth
The PayStand platform aims to ease complex commercial payments and transactions. It also accelerated the transactions for enterprises as Venmo had done for its basic consumer-to-consumer transactions. In the last two years, the firm included 80 new customers from large enterprises and posted a 2.5 times Year-over-Year growth in revenue, as well as over 240% growth in the average monthly subscription. The firm has included about 160,000 businesses transacting on the PayStand platform, and its payment ecosystem has grown 60% over the past year.