Paystand purchases Teampay to become the DeFi equivalent of ‘Venmo for B2B transactions’

Paystand, a leading blockchain-enabled B2B payments provider, has made a significant move in the fintech industry by acquiring spend management software startup Teampay. This acquisition aims to create a “no-fee B2B digital payment and spend powerhouse,” according to the companies involved.

Teampay, founded in 2016 and having raised $65 million in funding, offers innovative products for CFOs to digitize their workflow and streamline their processes. Paystand CEO Jeremy Almond sees Teampay as a key player in the modernization of business finance, offering a next-gen experience for users.

With this acquisition, Paystand now services over 1 million businesses on a commercial blockchain, processing more than $10 billion in transactions to date. The company’s vision is to bring the consumer finance app experience to the B2B world, simplifying the complex and fee-ridden process of sending and receiving funds.

This is not Paystand’s first acquisition in the past two years, having purchased payment platform Yaydoo in 2022. With a valuation north of $1 billion and $98 million in venture capital funding, Paystand is positioning itself as a leader in the industry.

Almond believes that blockchain technology is the future of finance, offering a decentralized solution to the payment rails problem that plagues traditional banking systems. By leveraging the Ethereum blockchain for its Paystand Bank Network, Paystand is able to facilitate business-to-business payments with zero fees.

As the trend of consumerization of the enterprise continues to grow, Paystand is at the forefront of revolutionizing B2B payments and finance. With the acquisition of Teampay, the company is poised to offer a comprehensive solution to businesses looking to modernize their financial operations.