Paystand, the blockchain-enabled payment network for business, today announced another year of record-setting growth, with payment volume over its network accelerating past $2B. By doing so, Paystand becomes the fastest B2B payment company to reach this milestone, which comes amidst the larger fintech movement toward an open financial infrastructure.
“There’s no question that blockchain is the unstoppable future for every essential business function, and Paystand has been pioneering blockchain applications for enterprise since 2013,” said Jeremy Almond, Paystand’s co-founder and CEO. “In the same way that the birth of the internet led to a universal shift in the way we produce and consume information, blockchain has the ability to transform every aspect of how we do business. We’re excited to make that transformation a reality in the realm of B2B payments.”
Paystand Named to Inc. 5000 For Second Straight Year as Payers on Its Network Surpass 250,000
Paystand’s rapid growth has continued throughout the pandemic as a direct result of the company’s ability to streamline essential accounts receivable (AR) tasks for finance teams, including automating cash application, reducing DSO by as much as 62% by offering embedded “pay now” buttons for email invoices, and digitizing cash flow management. Now, Paystand has been named to the Inc. 5000 list for the second straight year, and is growing at nearly 2x the median for all companies on the list – underscoring its impact in transforming B2B payments and commercial finance.
Driven by a flat-rate, Payments-as-a-Service business model that creates a predictable cost structure for AR, Paystand has built the first real alternative to today’s monopolistic card networks and paper-heavy processes: a B2B payment network that delivers unrivaled speed, security, and cost. Paystand’s growth acceleration over the past 12 months – due largely to the superior economics its payment network offers businesses – is evident across all areas of the company:
- Network: Over 250,000 businesses are now paying through the Paystand Network, a 79% increase over the same time last year.
- Business: Paystand closed a $50M Series C round led by NewView Capital to double-down on rebooting the commercial finance industry with blockchain technology. Customer acquisition accelerated, growing by over 2.5X since its Series B in early 2020.
- Product: Paystand announced its partnership with Sage to bring AR automation and a self-driving money experience to all Sage Intacct customers. And with the launch of Payer Incentives, the company introduced the first-ever built-in incentive technology to help move businesses off punitive card networks altogether.
- Talent: Paystand opened a third office in Salt Lake City, UT, hiring over 50 new employees in 2021, while adding four strategic hires to further fuel this growth, including a new VP of Finance, Mary Thomas, a SaaS and finance industry veteran from Visa and Brightalk, a new VP of Customer Success, Sam Smith, a new VP of Engineering, Celestino Garza, and a new Head of Product, Bindu Gakhar.
“As our team continues its growth rate of 100%, we will continue to hire top talent that’s dedicated to rebuilding our financial infrastructure from the ground up,” says Aliyah Nance, Paystand’s VP of People. “Being named to the Inc. 5000 list for the second year in a row highlights Paystand’s position as the leader of the next wave of fintech, and we’re looking forward to expanding every facet of our organization with individuals who are dedicated to our mission.”
To learn more about how Paystand can help your finance organization, contact our team here.
About Paystand
Paystand is on a mission to create an open commercial finance system, starting with B2B payments. Using blockchain and cloud technology, the company has pioneered Payments-as-a-Service to automate the entire enterprise cash cycle. Paystand makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. Paystand has been consistently recognized as a top innovator in enterprise financial services and was named to the Inc. 5000 list in both 2020 and 2021. For more information about Paystand, visit us at paystand.com. Follow our blog, and connect with us on Twitter and LinkedIn.
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