Paystand Acquires Teampay for Giant Leap Toward B2B Payment Revolution
April 25 2024 - 4:50PM
Business Wire
Combined Company Creates No-Fee B2B Digital
Payment and Spend Powerhouse That Services Over 1 Million
Businesses
Paystand, the global leader in blockchain-enabled B2B payments,
today announced the acquisition of Teampay, an industry-leading
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, once considered a pipe dream, capable of connecting buyers
and suppliers at scale. 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 company and platform have been
recognized by Deloitte, Juniper Research, Inc. Magazine, and most
recently the FT 500 List of Fastest Growing Companies in the
Americas.
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 acquisition of Teampay comes at a time marked by stagnation
in fintech activity. The overall tech industry laid off 191,000
workers last year and 32,500 so far this year, according to
Crunchbase. Meanwhile, the best tech companies are growing market
share and consolidating a broader set of services for their
customers.
Paystand's network of more than 800,000 companies with $10
billion in transactions—more than 1% of total U.S.
account-to-account business payments—will be expanded by Teampay's
network of 250,000 companies, broadening 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.”
The transaction was facilitated, in part, with financing
provided by Stifel Venture Banking. Josh Dorsey, Managing Director
at Stifel, emphasized the expansive growth opportunities within the
B2B fintech sector. "The integration of Teampay into the Paystand
ecosystem presents a compelling narrative for businesses aiming to
adopt digital-first financial tools that enhance capital
efficiency," remarked Dorsey. "This acquisition represents a
pivotal moment not only for Paystand and Teampay but also for the
entire B2B payments industry. We are thrilled to support and be
part of this transformative journey."
While the fintech sector has been a hot industry in prior years,
many of those startups were still built on legacy bank services,
which simply mask the antiquated payment infrastructure that
burdens businesses with high fees, intermediaries, and delays. This
unique combination of Paystand's strengths in payments and cash
management with Teampay's industry-leading approach to expense and
AP management will leverage the blockchain to sidestep existing
payment rails.
“To realize our vision of a truly decentralized financial
system, it is key that we not only are able to facilitate receiving
payments but impact the payable side of those transactions as
well,” said Almond. “In time, we are helping our users, and the
industry as a whole, to lessen reliance on antiquated money
movement methods.”
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
“We are well on our way to a DeFi revolution – and it’s already
happening without you realizing it,” said Almond. “You’re already a
participant because if you do business in the U.S., you have likely
worked with a company that makes transactions on the
Paystand/Teampay combined network.”
About Paystand
Paystand is on a mission to create an open commercial finance
system, starting with a zero-fee network for B2B payments. Paystand
is the largest B2B receivables, payables and payments network
running on a commercial blockchain. The company makes it possible
to digitize receivables, automate processing, reduce time-to-cash,
eliminate transaction fees, and enable new revenue. The AR/AP
solutions are designed for both U.S. and LATAM businesses of all
sizes. For more information about Paystand, visit us at
paystand.com. Follow our blog, and connect with us on Twitter and
LinkedIn.
About Teampay
Teampay’s award-winning platform helps larger SMBs and
middle-market businesses across industries manage expenses. By
streamlining the purchase process across virtual and physical
cards, invoices, and reimbursements, Teampay makes company spend
easy for employees and finance teams alike. To learn more about the
company, see www.teampay.co. For inquiries, please contact
press@teampay.co.
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version on businesswire.com: https://www.businesswire.com/news/home/20240425681206/en/
Erica Zeidenberg PR for Paystand erica@hottomato.net