Paystand, a Scotts Valley, CA-based company which specialises in blockchain-enabled B2B payments, acquired Teampay, a NYC-based provider of spend management software.
The amount of the deal was not disclosed.
Teampay provides a platform that helps larger SMBs and middle-market businesses across industries manage expenses by streamlining the purchase process across virtual and physical cards, invoices, and reimbursements.
Led by CEO Jeremy Almond, Paystand aims to create an open commercial finance system, starting with a zero-fee network for B2B payments. The company operates a large B2B receivables, payables and payments network which runs on a commercial blockchain to make it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. The AR/AP solutions are designed for both U.S. and LATAM businesses of all sizes.
The acquisition, in combination with partnerships with NetSuite, Sage, and Microsoft Dynamics 365 Business Central, as well as the acquisition of the payment platform Yaydoo in 2022, represents a culmination of multiple years of payment innovation.
The deal creates a company whose continued goal is to improve payments by expanding cost-efficient B2B payments network. Paystand’s network of more than 800,000 companies with $10 billion in transactions—more than 1% of total U.S. account-to-account business payments—will be expanded by Teampay’s network of 250,000 companies, broadening the largest B2B payment network running on a commercial blockchain to more than 1 million business participants.
FinSMEs
26/04/2024