Paystand, renowned for its leadership in blockchain-powered B2B payments, has acquired Teampay, a prominent provider of spend management software. This acquisition signifies a significant stride towards establishing a decentralized finance (DeFi) network that spans the industry, with the goal of seamlessly connecting buyers and suppliers on a large scale.
Aligned with Paystand’s mission to revolutionize B2B payments, this strategic move aims to expand the most extensive, efficient, and swift B2B payments network. It comes at a time of relative stagnation in the FinTech sector, underscoring Paystand’s commitment to driving growth and fostering innovation.
By integrating Teampay’s network of 250,000 companies with its own network of over 800,000 companies processing $10 billion in transactions, Paystand is poised to amplify the reach of the largest B2B payment network operating on a commercial blockchain, encompassing over 1 million business participants.
Facilitated with financing from Stifel Venture Banking, Josh Dorsey, Managing Director at Stifel, underscored the vast growth prospects within the B2B fintech sector. He emphasized how the integration of Teampay into the Paystand ecosystem offers a compelling narrative for businesses seeking to adopt digital-first financial tools that enhance capital efficiency. This acquisition is not just significant for Paystand and Teampay but also for the entire B2B payments industry, signaling a transformative journey ahead.
Jeremy Almond, CEO of Paystand, remarked on the acquisition’s impact within the FinTech landscape, highlighting how it advances zero-fee blockchain payment technology into the core of traditional finance technology. Leveraging its blockchain infrastructure, Paystand aims to enhance Teampay’s expense and AP management capabilities, heralding the emergence of a next-generation, intelligent B2B payment network that reshapes the role of CFOs and delivers superior economic benefits to businesses.
Almond reiterated Paystand’s vision of realizing a truly decentralized financial system, emphasizing the importance of influencing both the receivable and payable sides of transactions. By reducing reliance on antiquated money movement methods, Paystand is not only empowering its users but also driving broader industry-wide transformation.
Source: fintech.global
