Paystand, a blockchain-enabled B2B payments service
provider, has announced its acquisition of Teampay, a spend management software
company. This move aims to consolidate their positions in the market and
their goal of transforming payments by expanding their B2B payments
network.

Establishing a DeFi Network and Advancing in Payments

The acquisition aligns with Paystand’s idea of establishing
an industry-wide decentralized finance (DeFi) network, aimed at connecting
buyers and suppliers at scale, a concept once considered improbable. The recent
development, in conjunction with strategic alliances with NetSuite, Sage, and
Microsoft Dynamics 365 Business Central, along with the previous acquisition of
Yaydoo in 2022, reflects a sustained period of innovation within the payment
sector.

“In a quiet fintech climate, this acquisition arrives with a
bang,” said Jeremy Almond, the CEO, Paystand. “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 combined platform of Paystand and Teampay aims to
empower Chief Financial Officers to drive profitability by streamlining
processes across employees, vendors, and customers. Paystand brings its
blockchain-based smart payments platform, facilitating faster time-to-cash,
reduced Days Sales Outstanding, automated Accounts Receivable, and
elimination of transaction fees.

Teampay’s Role in Enhancing Profitability within Merged
Entity

On the other hand, Teampay contributes its expertise in
automating Accounts Payable and corporate expense controls, addressing
inefficiencies in the system. Together, the merged entity promises direct
contributions to profitability through accelerated revenue generation and
enhanced cost savings.

Paystand acquires Teampay to be DeFi version of ‘Venmo for B2B payments’ https://t.co/puAglPyxrh

— TechCrunch (@TechCrunch) April 25, 2024

Paystand’s existing network of over 800,000 companies, with
$10 billion in transactions, will be bolstered by Teampay’s network of 250,000
companies, resulting in a formidable B2B payment network comprising more than 1
million business participants. The financial details of the acquisition remain
undisclosed.

This article was written by Tareq Sikder at www.financemagnates.com.

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