Today Paystand announced that it raised a $20 million Series B round of funding. The startup uses blockchain in its corporate payments platform, but not as the method of payment. Instead, it uses blockchain to notarize B2B payments, certify payment requests and to trigger payments automatically.
The new investors are DNX Ventures, Battery Ventures, Epic Ventures, Commerce Ventures, and Wildcat Ventures. Existing investors Leap Global Partners, BlueRun Ventures and others participated. The company was founded in 2013 and previously raised $8.3 million.
“We’ve seen significant disruption in consumer payments from companies like Venmo, PayPal, and Square Cash,” said Mitch Kitamura, a managing director at DNX Ventures.
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