Paystand banks $50M to make B2B payments cashless and with no fees –
Summary
The Scotts Valley, California-based company is using cloud technology and the Ethereum blockchain as the engine for its Paystand Bank Network that enables business-to-business payments with zero fees. This brings the company’s total funding to $85 million, Paystand co-founder and CEO Jeremy Almond told TechCrunch. He estimates that almost half of enterprise payments still involve a paper check, while fintech bets heavily on cards that come with 2% to 3% transaction fees, which Almond said is untenable when a business is routinely sending $100,000 invoices. “Sometimes it is the unsexy areas that can have the biggest impacts.” As part of the investment, Jazmin Medina, principal at NewView Capital, will join Paystand’s board. “There is a wide blue ocean of the payment industry, and all of these companies have to be entirely digital to stay competitive,” Medina added.
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