Fast-rising blockchain financial platform Paystand has revealed that it raised $20 million from investors. According to the report, the money would be used to modernize B2B payments using its blockchain platform.
The $20 million raised was part of the second round of funding launched by Paystand. The funding involved several investment firms including popular Ventures such as DNX Ventures, Cervin Ventures, Ventures.
According to Paystand by the time the integration is completed paying corporate bull would be as easy as making a consumer payment via a mobile app.
The Silicon Valley-based blockchain firm plans to use the funds to accelerate the expansion of its product and services.
Also, Paystand has plans to hire more personnel and improve its blockchain ecosystem. Currently, Paystand used blockchain technology to simplify commercial transactions and payments.
Paystand CEO Jeremy Almond believes that the company will reboot traditional finance methods with its novel solutions.
According to him, Paystand aims to move customers from costly fee-based transactions to faster and more efficient payment services.
“We are rebooting the financial infrastructure. We’re coming in with a new business model, doing payments as a service.” He said.
Paystand has Witnessed Massive Growth in the Past 12 Months
Paystand has continued to make inroads in the financial sector within the crypto community.
Paystand utilizes a hybrid public and private blockchain that combines speed and security during transactions. Paystand support for multiple currencies has handed its popularity in recent years.
The blockchain platform recorded massive growth and added 80 large enterprise clients in the past year. Also, it has seen an increase in average monthly subscription by a whopping 240%.
Its payment ecosystem has also increased in traction with over 160,000 businesses transacting within the Paystand platform. This is a 60% increase in the past 12 months and has resulted in the firm posting record revenues.
Paystand funding continues a growing trend of investors placing their money in decentralized finance companies (DeFi). It is expected that this sector is set to grow in 2020 and looks set to dethrone traditional finance infrastructure and practices.