Paystand buys Teampay to enhance B2B payments platform with corporate spend management
Paystand has acquired New York-based spend management software provider Teampay to expedite its development of an “industry-wide decentralised finance (DeFi) network”.
Paystand acquires Teampay for an undisclosed sum
The transaction will merge Paystand’s blockchain-based B2B payments platform with the vendor’s corporate expense and accounts payable (AP) management controls and was partly financed by Stifel Venture Banking, although further terms have not been disclosed.
This is projected to result in an expanded business offering for Paystand, furthering its remit in digital payments, lockbox services, and expense and direct deposit management tools, among other advances.
It marks the second acquisition for the UK-based paytech in the last two years after it previously snapped up the accounts payable and cashflow management fintech Yaydoo in 2022 to further the breadth of its blockchain-based solutions commercially.
Paystand later leveraged the purchase to indirectly acquire Oyster Financial, an SMB-focused financial services start-up, the following year. This deal harmonised the payment and collection abilities contained in Yaydoo’s platform with a wider variety of financial management software.
Jeremy Almond, CEO of Paystand, says its latest acquisition of Teampay “brings zero-fee blockchain payment technology further into the heart of the traditional finance technology stack” alongside “radically better economics to businesses”.
“To realise our vision of a truly decentralised financial system, it is key that we not only are able to facilitate receiving payments but impact the payable side of those transactions as well,” he adds.
