Portfolio Highlight
Portfolio Highlight
Jul 23, 2021

Paystand: B2B DeFi and the next wave of fintech

NewView Capital is proud to announce that we are leading the $50M Series C round for Paystand, a B2B payment network that leverages blockchain and cloud technology to automate the entire cash lifecycle for mid-market and enterprise companies.

Paystand

Today, NewView Capital (NVC) is proud to announce that we are leading the $50M Series C round for Paystand, a B2B payment network that leverages blockchain and cloud technology to automate the entire cash lifecycle for mid-market and enterprise companies. 

As fintech investors, we’ve been painfully aware of the lack of innovation within the B2B payment space, particularly for mid-enterprise customers. Today, the payment collections process is incredibly cumbersome, with many companies dedicating entire teams to accounts receivable (AR) processing. The limited digital options that do exist are also expensive, charging hefty percentage-based fees.

In recent years, we have seen incremental improvements in payments automation and user experiences, mostly in the consumer space where transactions are smaller and less complex. However, in order to deliver true innovation in B2B payments, the legacy infrastructure layer must be comprehensively reimagined, as it can’t support best-in-class experiences due to its pre-internet limitations. 

We believe Paystand is poised to deliver on that promise of innovation. The Paystand Bank Network is a purpose-built, Ethereum-based hybrid blockchain for B2B payments. This network is faster, less error-prone, and unlocks significant cost savings. On average, Paystand’s customers save over 50% when accepting payments and processing invoices, while reducing DSO (days sales outstanding) by more than 60%. To date, the company has processed over $2B in payments and has more than 250,000 payers on its blockchain-based network. We believe that Paystand’s mission to reboot commercial finance is just getting started, and we know the company will drive tremendous value for customers in the years ahead. 

2013

Paystand is founded

$2B+

in payments processed

250,000

payers on Paystand’s blockchain-based network

B2B payments today

Global B2B payments are expected to reach $200 trillion by 2028, making it one of the largest segments within the payments market. However, despite the magnitude of commercial payments, most payments are still processed via paper checks and invoices. When compared to peer-to-peer payments (such as Venmo), B2B payments are veritably stuck in the Stone Age.

These inefficiencies are even more pronounced within the mid-market segment, which will be worth an estimated $42 trillion by 2028. Mid-market companies must manage their working capital and cash needs more carefully compared with other business segments, yet they are limited to expensive payment options that have a material impact on their profitability. 

Inefficiencies also abound on the AR side of the house. Software for AR has not evolved as quickly as accounts payable (AP), limiting AR teams to tedious, paper-based processes. Today, the typical manual process for collecting payments involves: 

  1. The creation of an invoice with business management software
  2. Mailing or emailing the invoice to the customer
  3. Following up with customers (up to 47% of invoices are paid late!)
  4. Collecting and depositing paper checks 
  5. Tracking received payments using Microsoft Excel or a paper ledger
  6. Reconciling receipts with outstanding invoices for accounting purposes 

The future of payments with Paystand

Paystand empowers businesses to increase revenue, cut costs on transaction fees, and reduce paper-heavy processes. By driving these meaningful changes for business, Paystand is powering the B2B DeFi movement and building a truly open commercial finance industry that allows companies to scale without the barriers of the legacy payment system.

Paystand is powering the B2B DeFi movement to build a truly open commercial finance industry.

In addition to leveraging cloud and blockchain technology to facilitate cashless, feeless B2B Payments, Paystand is making a meaningful contribution to finance teams by supercharging their control of the cash cycle. With its powerful automation tools and integrations with many ERPs and Systems of Record, Paystand helps finance teams increase revenue and productivity, streamlining day-to-day AR tasks that once took hours or even days. Businesses using Paystand typically save 60 to 98% on transaction fees and significantly accelerate their time-to-cash.

Paystand has also proved to be a vital tool for companies throughout COVID, as the pandemic expedited the need for businesses to find cost savings and make and receive payments more efficiently. During the worst outbreaks of the pandemic, many finance teams were forced to work from the office due to their tasks being inherently tied to paper-based processes. Paystand offered vital automation where it mattered most, allowing finance organizations to scale rapidly, eliminate paper, and avoid unnecessary risk. In 2020, Paystand saw a 200% increase in monthly network payment volume and a 2x increase in customers. 

The journey ahead

At NVC, we are passionate about backing teams with bold visions for the future and the discipline to drive that change over time. We know it isn’t always an easy road, particularly in fintech where rules and regulations can make innovation challenging. Our aim is to arm our entrepreneurs with the knowledge and operational rigor we’ve gained over years of working with companies who have navigated this journey successfully, such as Plaid, Forter, and Braintree. 

We are incredibly impressed by the platform that Paystand’s founders, Jeremy Almond and Scott Campbell, have built. We are proud to support Jeremy’s and Scott’s vision, and look forward to what lies ahead for the Paystand team and their impact on commercial finance.

To learn more about Paystand’s technology and how it is transforming B2B payments, please visit their website. Paystand is also actively seeking amazing talent. If you’re interested in joining the team, we encourage you to explore their open job opportunities.

The information in this post is intended solely to provide general information regarding NewView Capital and nothing contained in this post is an offer or solicitation with respect to the purchase or sale of any security.  This post is intended for financially sophisticated investors; NewView does not solicit or make its services generally available to the public. See Terms of Use for more information.

Today, NewView Capital (NVC) is proud to announce that we are leading the $50M Series C round for Paystand, a B2B payment network that leverages blockchain and cloud technology to automate the entire cash lifecycle for mid-market and enterprise companies. 

As fintech investors, we’ve been painfully aware of the lack of innovation within the B2B payment space, particularly for mid-enterprise customers. Today, the payment collections process is incredibly cumbersome, with many companies dedicating entire teams to accounts receivable (AR) processing. The limited digital options that do exist are also expensive, charging hefty percentage-based fees.

In recent years, we have seen incremental improvements in payments automation and user experiences, mostly in the consumer space where transactions are smaller and less complex. However, in order to deliver true innovation in B2B payments, the legacy infrastructure layer must be comprehensively reimagined, as it can’t support best-in-class experiences due to its pre-internet limitations. 

We believe Paystand is poised to deliver on that promise of innovation. The Paystand Bank Network is a purpose-built, Ethereum-based hybrid blockchain for B2B payments. This network is faster, less error-prone, and unlocks significant cost savings. On average, Paystand’s customers save over 50% when accepting payments and processing invoices, while reducing DSO (days sales outstanding) by more than 60%. To date, the company has processed over $2B in payments and has more than 250,000 payers on its blockchain-based network. We believe that Paystand’s mission to reboot commercial finance is just getting started, and we know the company will drive tremendous value for customers in the years ahead. 

Paystand is powering the B2B DeFi movement to build a truly open commercial finance industry.

B2B payments today

Global B2B payments are expected to reach $200 trillion by 2028, making it one of the largest segments within the payments market. However, despite the magnitude of commercial payments, most payments are still processed via paper checks and invoices. When compared to peer-to-peer payments (such as Venmo), B2B payments are veritably stuck in the Stone Age.

These inefficiencies are even more pronounced within the mid-market segment, which will be worth an estimated $42 trillion by 2028. Mid-market companies must manage their working capital and cash needs more carefully compared with other business segments, yet they are limited to expensive payment options that have a material impact on their profitability. 

Inefficiencies also abound on the AR side of the house. Software for AR has not evolved as quickly as accounts payable (AP), limiting AR teams to tedious, paper-based processes. Today, the typical manual process for collecting payments involves: 

  1. The creation of an invoice with business management software
  2. Mailing or emailing the invoice to the customer
  3. Following up with customers (up to 47% of invoices are paid late!)
  4. Collecting and depositing paper checks 
  5. Tracking received payments using Microsoft Excel or a paper ledger
  6. Reconciling receipts with outstanding invoices for accounting purposes 

The future of payments with Paystand

Paystand empowers businesses to increase revenue, cut costs on transaction fees, and reduce paper-heavy processes. By driving these meaningful changes for business, Paystand is powering the B2B DeFi movement and building a truly open commercial finance industry that allows companies to scale without the barriers of the legacy payment system.

2013

Paystand is founded

$2B+

in payments processed

250,000

payers on Paystand’s blockchain-based network

In addition to leveraging cloud and blockchain technology to facilitate cashless, feeless B2B Payments, Paystand is making a meaningful contribution to finance teams by supercharging their control of the cash cycle. With its powerful automation tools and integrations with many ERPs and Systems of Record, Paystand helps finance teams increase revenue and productivity, streamlining day-to-day AR tasks that once took hours or even days. Businesses using Paystand typically save 60 to 98% on transaction fees and significantly accelerate their time-to-cash.

Paystand has also proved to be a vital tool for companies throughout COVID, as the pandemic expedited the need for businesses to find cost savings and make and receive payments more efficiently. During the worst outbreaks of the pandemic, many finance teams were forced to work from the office due to their tasks being inherently tied to paper-based processes. Paystand offered vital automation where it mattered most, allowing finance organizations to scale rapidly, eliminate paper, and avoid unnecessary risk. In 2020, Paystand saw a 200% increase in monthly network payment volume and a 2x increase in customers. 

The journey ahead

At NVC, we are passionate about backing teams with bold visions for the future and the discipline to drive that change over time. We know it isn’t always an easy road, particularly in fintech where rules and regulations can make innovation challenging. Our aim is to arm our entrepreneurs with the knowledge and operational rigor we’ve gained over years of working with companies who have navigated this journey successfully, such as Plaid, Forter, and Braintree. 

We are incredibly impressed by the platform that Paystand’s founders, Jeremy Almond and Scott Campbell, have built. We are proud to support Jeremy’s and Scott’s vision, and look forward to what lies ahead for the Paystand team and their impact on commercial finance.

To learn more about Paystand’s technology and how it is transforming B2B payments, please visit their website. Paystand is also actively seeking amazing talent. If you’re interested in joining the team, we encourage you to explore their open job opportunities.

The information in this post is intended solely to provide general information regarding NewView Capital and nothing contained in this post is an offer or solicitation with respect to the purchase or sale of any security.  This post is intended for financially sophisticated investors; NewView does not solicit or make its services generally available to the public. See Terms of Use for more information.

Today, NewView Capital (NVC) is proud to announce that we are leading the $50M Series C round for Paystand, a B2B payment network that leverages blockchain and cloud technology to automate the entire cash lifecycle for mid-market and enterprise companies. 

As fintech investors, we’ve been painfully aware of the lack of innovation within the B2B payment space, particularly for mid-enterprise customers. Today, the payment collections process is incredibly cumbersome, with many companies dedicating entire teams to accounts receivable (AR) processing. The limited digital options that do exist are also expensive, charging hefty percentage-based fees.

In recent years, we have seen incremental improvements in payments automation and user experiences, mostly in the consumer space where transactions are smaller and less complex. However, in order to deliver true innovation in B2B payments, the legacy infrastructure layer must be comprehensively reimagined, as it can’t support best-in-class experiences due to its pre-internet limitations. 

We believe Paystand is poised to deliver on that promise of innovation. The Paystand Bank Network is a purpose-built, Ethereum-based hybrid blockchain for B2B payments. This network is faster, less error-prone, and unlocks significant cost savings. On average, Paystand’s customers save over 50% when accepting payments and processing invoices, while reducing DSO (days sales outstanding) by more than 60%. To date, the company has processed over $2B in payments and has more than 250,000 payers on its blockchain-based network. We believe that Paystand’s mission to reboot commercial finance is just getting started, and we know the company will drive tremendous value for customers in the years ahead. 

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Paystand is powering the B2B DeFi movement to build a truly open commercial finance industry.

B2B payments today

Global B2B payments are expected to reach $200 trillion by 2028, making it one of the largest segments within the payments market. However, despite the magnitude of commercial payments, most payments are still processed via paper checks and invoices. When compared to peer-to-peer payments (such as Venmo), B2B payments are veritably stuck in the Stone Age.

These inefficiencies are even more pronounced within the mid-market segment, which will be worth an estimated $42 trillion by 2028. Mid-market companies must manage their working capital and cash needs more carefully compared with other business segments, yet they are limited to expensive payment options that have a material impact on their profitability. 

Inefficiencies also abound on the AR side of the house. Software for AR has not evolved as quickly as accounts payable (AP), limiting AR teams to tedious, paper-based processes. Today, the typical manual process for collecting payments involves: 

  1. The creation of an invoice with business management software
  2. Mailing or emailing the invoice to the customer
  3. Following up with customers (up to 47% of invoices are paid late!)
  4. Collecting and depositing paper checks 
  5. Tracking received payments using Microsoft Excel or a paper ledger
  6. Reconciling receipts with outstanding invoices for accounting purposes 

The future of payments with Paystand

Paystand empowers businesses to increase revenue, cut costs on transaction fees, and reduce paper-heavy processes. By driving these meaningful changes for business, Paystand is powering the B2B DeFi movement and building a truly open commercial finance industry that allows companies to scale without the barriers of the legacy payment system.

In addition to leveraging cloud and blockchain technology to facilitate cashless, feeless B2B Payments, Paystand is making a meaningful contribution to finance teams by supercharging their control of the cash cycle. With its powerful automation tools and integrations with many ERPs and Systems of Record, Paystand helps finance teams increase revenue and productivity, streamlining day-to-day AR tasks that once took hours or even days. Businesses using Paystand typically save 60 to 98% on transaction fees and significantly accelerate their time-to-cash.

Paystand has also proved to be a vital tool for companies throughout COVID, as the pandemic expedited the need for businesses to find cost savings and make and receive payments more efficiently. During the worst outbreaks of the pandemic, many finance teams were forced to work from the office due to their tasks being inherently tied to paper-based processes. Paystand offered vital automation where it mattered most, allowing finance organizations to scale rapidly, eliminate paper, and avoid unnecessary risk. In 2020, Paystand saw a 200% increase in monthly network payment volume and a 2x increase in customers. 

The journey ahead

At NVC, we are passionate about backing teams with bold visions for the future and the discipline to drive that change over time. We know it isn’t always an easy road, particularly in fintech where rules and regulations can make innovation challenging. Our aim is to arm our entrepreneurs with the knowledge and operational rigor we’ve gained over years of working with companies who have navigated this journey successfully, such as Plaid, Forter, and Braintree. 

We are incredibly impressed by the platform that Paystand’s founders, Jeremy Almond and Scott Campbell, have built. We are proud to support Jeremy’s and Scott’s vision, and look forward to what lies ahead for the Paystand team and their impact on commercial finance.

To learn more about Paystand’s technology and how it is transforming B2B payments, please visit their website. Paystand is also actively seeking amazing talent. If you’re interested in joining the team, we encourage you to explore their open job opportunities.