PayStand Announces Canadian Expansion

Next generation payment solution provider PayStand is expanding into Canada. The Scotts Valley, California-based company announced that its digital payments platform will support domestic B2B commercial payments and help it earn a share of the Canadian payments volume that takes place over electronic funds transfer (EFT) – more than a third of which is B2B.

“Today’s commercial payments infrastructure in Canada is built on many layers of outdated technology and processes that are needlessly complex and time-consuming, not to mention error-prone and labor-intensive,” Jeremy Almond, PayStand CEO, explained in the company’s press release announcing the expansion. He pointed out that PayStand’s infrastructure provides native support to Canada’s EFT and card payment technology, “essentially transforming and modernizing the entire payments lifecycle for businesses, no matter the type or matter of payment.”

Founded in 2013, PayStand helps businesses access the “$550 billion stuck in pre-Internet paper, plastic, and manual processes.” By leveraging smart network and blockchain technologies, PayStand’s platform digitizes account receivables and automates processing. Its customers, representing verticals ranging from manufacturing to software services, use its Payments as a Service (PaaS) technology to integrate digital payments into their mobile apps, websites, ERP billing systems, and invoices.

An alum of our developer’s conference, PayStand presented Comparing the Strengths and Weaknesses of Different Payment Terms at FinDEVr 2014. At the event, PayStand’s Almond compared the relative advantages and disadvantages of card networks, eChecks, and digital currencies as payment options, and the value of flexible payment rails that provide multiple alternatives.

Earlier this year, PayStand announced B2B payments integration with SuiteCloud, which enabled quick fund transfer from 18,000 financial institutions and six major credit card brands. In January, PayStand was featured along with fellow Finovate alums Truphone and Featurespace in The Silicon Review’s 50 Smartest Companies of 2017 roster. The company has raised $8.3 million in funding, and includes BlueRun Ventures and LEAP Global Partners among its investors.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

PayStand Scores $6 Million in Series A Funding

In a round led by BlueRun Ventures and featuring participation from Cervin Ventures, Serra Ventures, TiE, and Capital for Founders, B2B payment platform PayStand has raised $6 million in Series A funding. The company says that it will use the additional capital to build up its account receivable systems and help launch its new free accounts payable product line – which entered beta availability today. The Series A takes PayStand’s total capital to more than $8 million.

With self-driving cars and rockets to Mars on one side of the balance and paper checks and spreadsheets on the other, PayStand founder and CEO Jeremy Almond made clear which side of history his company was on. Pointing out that “most U.S business payments still run on manual, pre-internet systems,” Almond said, “PayStand takes the best of automation, customization, and blockchain technology to finally bring B2B payments into the Digital Age.”

PayStand CEO and founder Jeremy Almond during his FinDEVr presentation, Comparing the Strengths and Weaknesses of Different Payment Types.

BlueRun Ventures General Partner Jonathan Ebinger added that PayStand’s emphasis on back-office payments in the enterprise “melds seamlessly into our investment themes of digital transformation.” Saying “we see big things ahead for PayStand,” Ebinger added that PayStand represents many of the best practices and “key financial processes that are vital to our economy.”

PayStand also announced the beta availability of its new AP solution. The technology automates the accounts payable process, eliminating the need for paper checks while providing full data tracking throughout the entire cash cycle to maximize visibility and control. The early-access AP release is free to all beta participants.

Founded in 2013, PayStand leverages blockchain and SaaS technologies to provide a smart billing and B2B payment network based on digitization and automation. The company’s Payments-as-a-Service helps businesses lower time-to-cash, cut costs, and generate additional revenue. Headquartered in Scotts Valley, California, PayStand participated in our first developer’s conference, FinDEVr 2014 in Silicon Valley. At the event, Almond presented “Comparing the Strengths and Weaknesses of Different Payment Types,” as an introduction to his company’s multi-payment network technology.

Finovate Alumni News

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  • PayStand Scores in $6 Million Series A Funding
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  • Econiq wins Honorable Mention at annual BankNews Innovative Solutions Awards for its Conversation Hub.
  • Best of Show winner Unison unveils 2018 expansion plans.
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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinDEVr APIntelligence

FinDEVrNY16-V2(wdate)We’re taking our FinDEVr developer showcase to New York on March 29 & 30, 2016. Register today.

Developer news

The latest from upcoming FinDEVr New York 2015 presenters

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Alumni updates

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Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinDEVr APIntelligence

FinDEVr2015LogoV2DateAre you building new financial technology? Be sure to register soon for the only event exclusively for fintech developers, FinDEVr 2015, 6/7 Oct, in San Francisco.

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Stay current on daily developments by following FinDEVr on Twitter.