PayStand, a Scotts Valley, CA-based B2B payment platform, raised $6M in Series A funding.
The round was led by BlueRun Ventures with participation from Cervin Ventures, Serra Ventures, TiE and Capital for Founders.
The company intends to use the funds to scale its account receivable systems, and launch a new free accounts payable product line, opening up in beta today.
Led by Jeremy Almond, CEO and Founder, PayStand uses blockchain technology to remove friction from the accounts receivable and payable process, simplifying sending and collecting money. As an end-to-end digital process, the company’s network automates cash management, from accounting software to reconciliation.
All payment data is securely tracked and recorded, receivables digitized and processing automated.
Now available in beta, the new PayStand AP solution will enable businesses to automate their accounts payables.