Paystand acquires Teampay to enhance B2B payments

By Delisha Fernandes

Paystand, a blockchain-enabled B2B payments network, has acquired spend management software provider Teampay.

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 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.

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.”

Paystand aims 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.

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.