Paystand has been named the Fastest Growing Private Company by the Silicon Valley Business Journal for two consecutive years

SCOTTS VALLEY, CA–(BUSINESS WIRE)–Paystand — the fastest-growing blockchain-enabled B2B payments network — announced today that the Silicon Valley Business Journal has named it one of its fastest-growing private companies. Paystand took third place for the second year in a row. The company has grown 876% year over year over the past three years and has doubled annual sales for each year it’s been in business.

Paystand announced the acquisition of Mexico-based Yaydoo in August 2022, bringing the merged company to America’s list of fintech unicorns. This month, Yaydoo acquired Oyster and helped build a family of solutions to simplify and decentralize AP and AR processes across US and LATAM companies.

“Financial organizations desperately needed a next-generation payment solution, and this has fueled the automation of B2B payments. Paystand has seen incredible growth as a result,” said Jeremy Almond, CEO and co-founder of Paystand. “We’ve enabled CFOs to reduce their time-to-cash by up to 80%, reduce credit card fees to 0%, and reduce AR department labor costs by 50%. This is a game changer for businesses, especially in times of economic uncertainty.”

Paystand’s toll-free B2B solution fully digitizes the costly and tedious paper-based transactions and checks many businesses use today to pay one another. The company recently announced upgrades including “self-driving” automated collections through integration with Sage Intacct. Earlier this year, Paystand also announced the world’s first dynamic discount application built for accounts receivable (AR) seller teams and powered by Ethereum smart contracts. This solution motivates buyers to pay early by discounting the amount owed, reducing the time to payout for AR teams.

According to Grand View Research, blockchain technology will grow at a CAGR of 85.9% each year from 2022 to 2030, an even higher CAGR than cloud computing. Paystand plans to integrate new blockchain-enabled payment formats to replace check payments, ERP ACH push payments, and cross-border payments while expanding its business in LATAM and other high-growth territories.

“When I originally got into enterprise software, the cloud was kind of a bet to make. It’s hard to imagine doing business today without the cloud,” Almond said. “At Paystand, we believe that money is now software and that blockchain is the new cloud, making blockchain one of the most important innovations of the last 20 years. As this technology becomes more mainstream, blockchain-based businesses and applications will also become cheaper, faster, more secure, and highly scalable.”

“We’re radically rethinking how money moves between companies and their suppliers: we’re automating their processes to increase cash velocity,” Almond continued. “Even with $5 billion of payments processed, we are still very early in the adoption cycle and expect to continue our rapid growth.”

Recent honors from Paystand include being named to the Inc. 5000 for the third year in a row. Paystand was also a “Most Innovative” finalist in Tearsheet’s 2022 Power of Payments Awards, as well as an Industry Solutions Finalist in the 2022 Web3 & Blockchain Transformation Awards.

About Paystand

Paystand is committed to creating an open and equitable commercial financial system, starting with a toll-free B2B payments network. With the acquisition of Mexico-based Yaydoo, Paystand has achieved unicorn status and is the largest B2B accounts receivable, payable and payments network running on a commercial blockchain. Paystand makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees and enable new revenue streams. The AR/AP solutions are designed for both US and Latin American companies of all sizes. For more information on Paystand, visit paystand.com. Follow our blog and get in touch with us Twitter and LinkedIn.



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