Blockchain-enabled commercial payments platform Paystand has secured $20m in Series B funding.
The round included several new investors including DNX Ventures, Battery Ventures, Epic Ventures, Commerce Ventures and Wildcat Ventures.
Paystand’s existing backers Leap Global Partners and BlueRun Ventures among others also joined the round.
The new proceeds will be used by the company to expand its product and service portfolio. Paystand also intends to spend a portion of funding to strengthen its engineering team across various offices.
Paystand CEO Jeremy Almond said: “We’re thrilled to bring together such an iconic group of investors who share our ambition for a more open financial system.
“We made a promise to reboot commercial finance because it’s insecure, inefficient and built on trustless networks and technology.
“Today marks another step towards realising that vision and transforming enterprise finance. We are committed to taking the industry and our customers on a ‘journey to zero,’ without fees, paper, or limits on growth.”
The company has designed its platform to streamline complicated commercial transactions for enterprises.
Its Payments-as-a-Service model and blockchain-based technology enables businesses in digitising and automating the entire cash cycle.
Currently, it counts JCB, Silicon Valley Bank, Bugaboo, Parachute Home and Covetrus among its customers.