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Paystandhas acquired spend management package startupTeampayto create what the company report as a “ no - fee B2B digital payment and spend ball of fire . ”
Financial terms of the heap were not disclosed . Teampay has raised $ 65 million since it was ground in 2016 .
The combined caller services over 1 million businesses running on a commercial blockchain to more than 1 million participants . It has processed more than $ 10 billion in transactions to date , which it touts is nearly 2 % of one-year U.S. byplay - to - business payment .
“ Teampay be this novel social class of fintech company , ” Paystand CEO Jeremy Almond told TechCrunch exclusively . “ They have products for CFOs to really deepen how they can digitalize all of their work flow . It ’s what I ’d call a next - gen experience for the user and is a secure fit for our customers die through this really magnanimous modernization process . ”
Paystandwill keep to run theTeampaybrand , in the main because it is well - screw , he said .
Almond believes businesses in fintech should learn from consumer finance apps . In the B2B macrocosm , the process for sending and receiving funds is complex , irksome and riddled with fee . But consumer can transport and receive money to each other via Venmo or CashApp . Those are the kinds of features he wants Paystand to offer .
Teampay is the blockchain - enabled B2B defrayal provider ’s second acquisition in two years . It purchased payment platformYaydooin 2022 . At the fourth dimension , Paystand ’s valuation was northwards of $ 1 billion . Paystand brought in $ 98 million in venture capital letter since being founded in 2014 . Teampay is not on the blockchain , however , now Paystand can convey that functionality to both the account receivable and accounts collectible side .
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“ We suppose it ’s a trend of consumerization of the enterprise , ” Almond said . “ Now we can offer up both sides to 1 million businesses . ”
Despite fintech being a hot manufacture in recent years , the banking industry overall has anaging payment rail problem . This causes higher fees , more intermediaries and postponement . Almond is a long - time proponent of using a decentralized fiscal substructure to figure out the payment rails problem . Paystand use the Ethereum blockchain as the locomotive engine for its Paystand Bank internet , which enable job - to - business enterprise payment with zero fee .
“ Blockchain is the new swarm , ” he articulate . “ I know blockchain , bitcoin and decentralised finance networks have their share of problem , but they interpret a fundamental transformation away from the same cardinal banking system that ’s been in billet since the 1930s . ”
“ A lot of people suppose blockchain or decentralized finance is not quick yet , ” he added . “ What we ’re really proving is if you create real value for businesses and finance teams , multitude will use it . ”
pass direction space sees a large raise , and layoffs , in the same week
