Paystand Acquires Teampay for Giant Leap Toward B2B Payment Revolution
Summary
The acquisition marks the next step in Paystand’s trajectory towards building an industry-wide decentralized finance (DeFi) network, once considered a pipe dream, capable of connecting buyers and suppliers at scale. The results will be game-changing – a truly next-gen, smart B2B payment network at scale that transforms the office of the CFO and brings radically better economics to businesses.” The transaction was facilitated, in part, with financing provided by Stifel Venture Banking. "The integration of Teampay into the Paystand ecosystem presents a compelling narrative for businesses aiming to adopt digital-first financial tools that enhance capital efficiency," remarked Dorsey. While the fintech sector has been a hot industry in prior years, many of those startups were still built on legacy bank services, which simply mask the antiquated payment infrastructure that burdens businesses with high fees, intermediaries, and delays. “You’re already a participant because if you do business in the U.S., you have likely worked with a company that makes transactions on the Paystand/Teampay combined network.” Paystand is on a mission to create an open commercial finance system, starting with a zero-fee network for B2B payments.
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