Wednesday, March 8, 2023
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Paystand ethereum 50m series 85mhalltechcrunch

Paystand Raises $50 Million in Series C Funding Round Led by Ethereum Co-Founder

Digital payments platform Paystand has raised $50 million in a Series C funding round led by Ethereum co-founder Joe Lubin’s venture capital firm, ConsenSys. The funding will be used to expand the company’s platform and support its growth in the enterprise market.

What is Paystand?

Paystand is a digital payments platform that aims to transform the way businesses send and receive payments. The platform offers a range of tools that allow businesses to process payments securely, quickly, and at a lower cost than traditional payment methods.

Founded in 2013, Paystand has already processed over $1 billion in transactions for customers across various industries, including manufacturing, healthcare, and financial services. The company’s platform is built on blockchain technology, which enables it to provide a secure and transparent payment network.

Paystand’s Growth in the Enterprise Market

Paystand’s Series C funding round comes at a time when the company is experiencing significant growth in the enterprise market. The company has recently signed up several major enterprise clients, including manufacturing giant, Jabil, and financial services firm, First National Bank of Omaha.

Paystand’s platform offers these companies a range of benefits, including faster payment processing times, lower transaction fees, and improved visibility into their payment networks. By using blockchain technology, Paystand also provides these companies with an additional layer of security and transparency.

The Role of Ethereum Co-Founder, Joe Lubin

ConsenSys, the venture capital firm led by Ethereum co-founder, Joe Lubin, played a significant role in Paystand’s Series C funding round. Lubin is known for his expertise in blockchain technology and has been a strong advocate for its use in various industries.

ConsenSys’ investment in Paystand highlights the growing interest in blockchain technology within the financial services industry. As more companies look for ways to improve the efficiency and security of their payment networks, blockchain technology is increasingly being seen as a viable solution.

The Future of Paystand

With the support of ConsenSys and other investors, Paystand is well-positioned to continue its growth in the enterprise market. The company’s platform offers a range of benefits that are becoming increasingly important to businesses of all sizes.

As the use of blockchain technology becomes more widespread, Paystand’s platform is likely to become even more attractive to businesses looking to improve the efficiency and security of their payment networks. With its recent funding round, Paystand is poised to become a major player in the digital payments space.



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