The funding will help Paystand innovate its open commercial finance system. Here are the top-line bullets you need to know.
Paystand, a cloud-based payments platform, has raised $50M in a Series C. The round drew participation from SoftBank Group, King River Capital, and NewView Capital, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Paystand is a blockchain-enabled business-to-business (B2B) payment network. It provides its services to brands like Covetrus, True Brands, and Choozle.
- Catering to 250,000 businesses, Paystand has witnessed a 2.5x increase the customer volume since 2020.
- The company claims to have $2B in payment volume, witnessing a 200% increase in monthly network payment volume since 2020.
- It has reportedly posted a 1,007% increase in revenue in 3 years.
WHY DOES THE MARKET MATTER?
- The digital payment market is projected to grow at a CAGR of 14.2% to reach a value of $154.1B by 2025 according to Markets and Markets.
- Q2’21 marked another banner quarter across deals, funding, exits, and mega-rounds for global fintech.
- The rise in e-commerce sales has led to an increase in digital transactions, boosting the market’s growth.