Paystand acquires Teampay
Paystand, a provider of blockchain-enabled B2B payments, has announced the acquisition of Teampay, a platform for spend management software.
The transaction creates a B2B payments powerhouse whose continued goal is to revolutionize payments by expanding the largest, fastest, and most cost-efficient B2B payments network.
The acquisition marks the next step in Paystand’s trajectory towards building an industry-wide decentralized finance (DeFi) network. This milestone, in combination with partnerships with NetSuite, Sage, and Microsoft Dynamics 365 Business Central, as well as the acquisition of the payment platform Yaydoo in 2022, represents a culmination of multiple years of payment innovation.
The combined Paystand platform empowers CFOs to drive profitable behaviors 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.
The transaction was facilitated, in part, with financing provided by Stifel Venture Banking.
Paystand is now poised to offer businesses a comprehensive suite of solutions, offering a holistic approach that will streamline financial operations, optimize cash flow, and provide valuable insights to drive business growth to bottom-line profitability. The suite enables:
- Digital payments
- Cash management
- Expense management
- A/R automation
- AP management
- Smart lockbox services
- Direct deposit management.