Paystand, a blockchain-enabled B2B payments provider, has announced the acquisition of Teampay, a platform for expense management software.
The transaction creates a powerful B2B payments unit whose ongoing goal is to revolutionize payments by expanding the largest, fastest and most cost-effective B2B payments network.
The acquisition marks the next step in Paystand’s path to building an industry-wide decentralized finance (DeFi) network. This milestone, combined with partnerships with NetSuite, Sage and Microsoft Dynamics 365 Business Central, as well as the acquisition of the Yaydoo payments platform in 2022, represents the culmination of several years of payments 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 accelerate time-to-cash, reduce DSO, automate AR and eliminate transaction fees.
Teampay offers the ability to automate AP and corporate spend checks, eliminating inefficiencies. The combined company will help CFOs see immediate contributions to profitability with faster revenue and greater payment savings.
The transaction was facilitated, in part, by 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 profitability. The suite allows:
- Digital payments
- Cash management
- Expense management
- A/R automation
- AP management
- Smart lockbox services
- Instant deposit management.