Paystand, the global leader in blockchain-enabled B2B payments, announced the acquisition of Teampay, an industry-leading spend management software. 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 acquisition marks the next step in Paystand’s trajectory towards building an industry-wide decentralized finance (DeFi) network, once considered a pipe dream, capable of connecting buyers and suppliers at scale. This milestone, in combination with partnerships with NetSuite, Sage, and Microsoft Dynamics 365 Business Central, as well as the acquisition of the payment platform Yaydoo in 2022, represents a culmination of multiple years of payment innovation. The company and platform have been recognized by Deloitte, Juniper Research, Inc. Magazine, and most recently the FT 500 List of Fastest Growing Companies in the Americas.
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.
The acquisition of Teampay comes at a time marked by stagnation in fintech activity. The overall tech industry laid off 191,000 workers last year and 32,500 so far this year, according to Crunchbase. Meanwhile, the best tech companies are growing market share and consolidating a broader set of services for their customers.
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.”
The transaction was facilitated, in part, with financing provided by Stifel Venture Banking. Josh Dorsey, Managing Director at Stifel, emphasized the expansive growth opportunities within the B2B fintech sector. “The integration of Teampay into the Paystand ecosystem presents a compelling narrative for businesses aiming to adopt digital-first financial tools that enhance capital efficiency,” remarked Dorsey. “This acquisition represents a pivotal moment not only for Paystand and Teampay but also for the entire B2B payments industry. We are thrilled to support and be part of this transformative journey.”
SOURCE: PRNewswire