Paystand, a Scotts Valley, Calif.-based blockchain-enabled commercial payments platform, secured $20m in Series B funding.
The round included new investment from DNX Ventures, Battery Ventures, Epic Ventures, Commerce Ventures, and Wildcat Ventures and existing investors Leap Global Partners, BlueRun Ventures.
The company plans to use the capital to accelerate the expansion of its products and services, as well as expanding sales, marketing, success, and engineering teams in its Scotts Valley, California and Guadalajara, Mexico offices.
Led by Jeremy Almond, CEO, Paystand provides a commercial payment platform for midsize and enterprise companies. Through its Payments-as-a-Service model and blockchain-based technology, the company helps these businesses digitize and automate the entire cash cycle.
Customers and partners include JCB, Silicon Valley Bank, Bugaboo, Parachute Home, Covetrus, and Vast Bank while its payment network includes two of the largest airlines, eight of the top 10 pharmaceutical companies, all five branches of the US military, and market leaders across hospitality, insurance, and food and beverage.