Paystand he collected as much as USD 20 million in the investment round, which will be invested in the development of commercial payments. It will be done thanks to a technology-based platform blockchain - Payments - as - a- Service for a cash cycle B2B.
It will make corporate payments as easy as never before.
A considerable amount for Paystand - many companies will benefit
Paystand is one of the fastest growing commercial payment platforms using technology blockchain. Recently announced that it has secured 20 million. dollars in the second financing round.
As the company's president announced, Jeremy Almond, work is currently underway on the digitization of the cash cycle, which usually takes 30 days, and sometimes even longer.
Paystand he based his actions on a subscription model, making all business transactions and payments extremely simple and fast. At the same time, it enables customers to be offered an alternative to costly fees-based transactions.
The capital raised as planned will be used to accelerate the development of the company and the services and products it offers.
Currently, Paystand is the only platform that offers other enterprises a solution leading to the digitization of the entire enterprise cash cycle. It also provides a real-time payment network based on blockchain technology, allowing for immediate transfer of funds between companies. In addition, Paystand also ensures the automation of the invoice payment process and its integration with the company's record system.
As Almond argues, Paystand allows companies to save even over 50% the costs incurred for accepting payments and processing invoices, while contributing to a reduction of DSO by up to 60%
Paystand is growing in strength
According to the president of Paystand, the company is growing in strength. Over the past few months it has gained as many as 80 new corporate clients, while noting a 2,5-fold increase in revenues compared to the previous year.
However, the monthly number of subscriptions increased by 240 percent. Currently, nearly 160 companies process their transactions on the Paystand platform, which allows them to generate savings on fees incurred.