Paystand has acquired Teampay, a spend management software supplier to create a B2B payments powerhouse. The deal aims to revolutionise payments by expanding the largest, fastest, and most cost-efficient B2B payments network.
The combined Paystand platform empowers CFOs to drive profitable behaviours among employees, vendors, and customers. Paystand brings its blockchain-based smart payments platform that helps finance departments speed up time-to-cash, reduce DSO, automate AR, and eliminate transaction fees. Teampay brings the ability to automate AP and corporate expense controls, eliminating inefficiencies. The combined company will help CFOs see direct contributions to profitability with quicker revenue and greater payment savings.
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Paystand network: +800,000 companies, $10bn in transactions
Paystand’s network comprises more than 800,000 companies with $10bn in transactions. This represents more than 1% of total US account-to-account business payments. This will be expanded by Teampay’s network of 250,000 companies. It broadens the largest B2B payment network running on a commercial blockchain to more than 1 million business participants. The terms of the acquisition were not disclosed.
“In a quiet fintech climate, this acquisition arrives with a bang,” said Jeremy Almond, Paystand CEO. “This brings zero-fee blockchain payment technology further into the heart of the traditional finance technology stack. Paystand can leverage its blockchain infrastructure to enhance Teampay’s impressive expense and AP management capabilities. The results will be game-changing. A truly next-gen, smart B2B payment network at scale that transforms the office of the CFO and brings radically better economics to businesses.
“We are well on our way to a DeFi revolution. It’s already happening without you realising it,” added Almond. “You’re already a participant because if you do business in the US, you have likely worked with a company that makes transactions on the Paystand/Teampay combined network.”
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