Blockchain-enabled commercial payments outfit Paystand has raised $50 million in a Series C round of funding led by NewView Capital.
SoftBank’s Opportunity Fund, King River Capital, Industrious Ventures, and Transform Capital joined the round. Jazmin Medina of NewView Capital will join the Paystand board.
Paystand claims to break the traditional payment model by automating the entire cash lifecycle so businesses can unlock cashless, feeless, intuitive payments. The company taps cloud technology and the Ethereum blockchain to power the Paystand Bank Network — a digital B2B payment network with zero fees.
Rather than charging a traditional percentage fee on each transaction, the firm offers a subscription model so businesses can scale without incurring significant fee-per-transaction costs.
More than 250,000 companies make payments through the Paystand blockchain-based network, resulting in over $2 billion in payment volume.
Jeremy Almond, CEO, Paystand, says: "With this new funding, Paystand is uniquely positioned to bring the benefits of blockchain to commercial payments so businesses can be more agile and competitive in the post-pandemic landscape.
"Our vision is to create an open financial infrastructure that delivers a self-driving money experience for businesses and provides radically better economics for the industry overall."