PayStand, a payments platform using blockchain technology to automate and secure B2B systems, has raised $6 million in a Series A round led by BlueRun Ventures with participation from Cervin Ventures, Serra Ventures, TiE, and Capital for Founders.
The company plans to use the new funding to scale its account receivable systems, and launch a new free accounts payable product line.
“PayStand takes the best of automation, customization and blockchain technology to finally bring B2B payments into the Digital Age. A financial revolution is coming, and we’re excited to have esteemed VCs in our camp that have led the Series A of iconic fintech companies like PayPal, Coupa and Kabbage,” said Jeremy Almond, CEO and Founder, PayStand.
PayStand uses blockchain technology to eliminate friction from the accounts receivable and payable process. The technology also ensures that all records have an audit trail. PayStand’s network automates cash management, from accounting software to reconciliation.
In addition, the company announced that the new PayStand AP solution is now available in beta. It will enable businesses to completely automate their accounts payables to improve efficiency, security and control. Digital AP will eliminate the laborious need to cut paper checks, give finance added control and visibility of the vendor payments through full data tracking within the entire cash cycle, and reduce the chance for human error through automation.
PayStand said that this early-access AP release will be free to all beta signups.
